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. Despite the fact that global oil supply decreased by only around 4%, widespread panic resulted, driving the price far higher. Oil prices 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.

References

Category:1979
Category:Oil crises
Category:Economic history