1979 oil crisis
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.
