1979 oil crisis

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1979 oil crisis
Top Oil Producing Countries.png
Graph of top oil-producing countries, showing drop in Iran's production[1]
Date1979 (1979)–1980 (1980)
Also known asSecond 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.

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]

References[change | change source]

  1. "Monthly Energy Review" (PDF). U.S. Energy Information Administration. November 2015.
  2. "1970s: Education". National Association of Convenience Stores.