1979 oil crisis
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The 1979 (or second) oil crisis or oil shock occurred in the world due to decreased oil output in the wake of the Iranian Revolution.
 Graph of top oil-producing countries, showing drop in Iran's production[1] | |
| Date | 1979–1980 |
|---|---|
Despite the fact that global oil supply decreased by only ~4%, widespread panic resulted, driving the price far higher.
The price of crude oil more than doubled to $39.50 per barrel over the next 12 months, and long lines once again appeared at gas stations, as they had in the 1973 oil crisis.[2]
1979 Oil Crisis Media
Fluctuations of OPEC net oil export revenues since 1972
Line at a gas station in Maryland, United States, June 15, 1979.
Gas coupon printed but not issued during the 1979 energy crisis
References
- ↑ "Monthly Energy Review" (PDF). U.S. Energy Information Administration. November 2015.
- ↑ "1970s: Education". National Association of Convenience Stores.
