1970s energy crisis
The 1970s energy crisis happened when the Western world, mainly in the United States, Canada, Western Europe, Australia, and New Zealand, faced large petroleum shortages as well as inflated prices. The two worst crises of this period were the 1973 oil crisis and the 1979 energy crisis, when the Yom Kippur War and the Iranian Revolution caused an interruptions in Middle Eastern oil exports.[2]
 Real and Nominal price of oil, 1968–2006.[1] | |
| Date | 1973–1980 |
|---|---|
1970s Energy Crisis Media
United States oil production peaked in 1970.
Graph of oil prices from 1861 to 2007, showing a sharp increase in 1973, and again in 1979. The orange line is adjusted for inflation.
Production in top countries by year (million barrels per day)
A graph of the recession in the United States from 1973-75.* * Blue line is Percent Change From Preceding Period in Real Gross Domestic Product (annualized; seasonally adjusted) * Red line is Average GDP growth 1947–2009*Data is from the Bureau of Economic Analysis.
United States Strategic Petroleum Reserve Weekly data points since 1982 Barrels of oil
References
- ↑ "Annual Energy Review 2006, Figure 5.21" (PDF). U.S. Energy Information Administration, Department of Energy. June 2007. Retrieved 30 May 2016.
- ↑ "Oil Squeeze". Time. 1979-02-05. http://www.time.com/time/magazine/article/0,9171,946222,00.html. Retrieved 7 September 2013.
