1979 energy crisis
Overview
 
The 1979 oil crisis in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 occurred in the wake of the Iranian Revolution
Iranian Revolution
The Iranian Revolution refers to events involving the overthrow of Iran's monarchy under Shah Mohammad Reza Pahlavi and its replacement with an Islamic republic under Ayatollah Ruhollah Khomeini, the leader of the...

. Amid massive protests, the Shah of Iran
Pahlavi dynasty
The Pahlavi dynasty consisted of two Iranian/Persian monarchs, father and son Reza Shah Pahlavi and Mohammad Reza Shah Pahlavi The Pahlavi dynasty consisted of two Iranian/Persian monarchs, father and son Reza Shah Pahlavi (reg. 1925–1941) and Mohammad Reza Shah Pahlavi The Pahlavi dynasty ...

, Mohammad Reza Pahlavi
Mohammad Reza Pahlavi
Mohammad Rezā Shāh Pahlavi, Shah of Iran, Shah of Persia , ruled Iran from 16 September 1941 until his overthrow by the Iranian Revolution on 11 February 1979...

, fled his country in early 1979 and the Ayatollah
Ayatollah
Ayatollah is a high ranking title given to Usuli Twelver Shī‘ah clerics. Those who carry the title are experts in Islamic studies such as jurisprudence, ethics, and philosophy and usually teach in Islamic seminaries. The next lower clerical rank is Hojatoleslam wal-muslemin...

 Khomeini
Ruhollah Khomeini
Grand Ayatollah Sayyed Ruhollah Musavi Khomeini was an Iranian religious leader and politician, and leader of the 1979 Iranian Revolution which saw the overthrow of Mohammad Reza Pahlavi, the Shah of Iran...

 soon became the new leader of Iran
Iran
Iran , officially the Islamic Republic of Iran , is a country in Southern and Western Asia. The name "Iran" has been in use natively since the Sassanian era and came into use internationally in 1935, before which the country was known to the Western world as Persia...

. Protests severely disrupted the Iranian oil sector, with production being greatly curtailed and exports suspended. When oil exports were later resumed under the new regime, they were inconsistent and at a lower volume, which pushed prices up.
Encyclopedia
The 1979 oil crisis in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 occurred in the wake of the Iranian Revolution
Iranian Revolution
The Iranian Revolution refers to events involving the overthrow of Iran's monarchy under Shah Mohammad Reza Pahlavi and its replacement with an Islamic republic under Ayatollah Ruhollah Khomeini, the leader of the...

. Amid massive protests, the Shah of Iran
Pahlavi dynasty
The Pahlavi dynasty consisted of two Iranian/Persian monarchs, father and son Reza Shah Pahlavi and Mohammad Reza Shah Pahlavi The Pahlavi dynasty consisted of two Iranian/Persian monarchs, father and son Reza Shah Pahlavi (reg. 1925–1941) and Mohammad Reza Shah Pahlavi The Pahlavi dynasty ...

, Mohammad Reza Pahlavi
Mohammad Reza Pahlavi
Mohammad Rezā Shāh Pahlavi, Shah of Iran, Shah of Persia , ruled Iran from 16 September 1941 until his overthrow by the Iranian Revolution on 11 February 1979...

, fled his country in early 1979 and the Ayatollah
Ayatollah
Ayatollah is a high ranking title given to Usuli Twelver Shī‘ah clerics. Those who carry the title are experts in Islamic studies such as jurisprudence, ethics, and philosophy and usually teach in Islamic seminaries. The next lower clerical rank is Hojatoleslam wal-muslemin...

 Khomeini
Ruhollah Khomeini
Grand Ayatollah Sayyed Ruhollah Musavi Khomeini was an Iranian religious leader and politician, and leader of the 1979 Iranian Revolution which saw the overthrow of Mohammad Reza Pahlavi, the Shah of Iran...

 soon became the new leader of Iran
Iran
Iran , officially the Islamic Republic of Iran , is a country in Southern and Western Asia. The name "Iran" has been in use natively since the Sassanian era and came into use internationally in 1935, before which the country was known to the Western world as Persia...

. Protests severely disrupted the Iranian oil sector, with production being greatly curtailed and exports suspended. When oil exports were later resumed under the new regime, they were inconsistent and at a lower volume, which pushed prices up. Saudi Arabia
Saudi Arabia
The Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...

 and other OPEC
OPEC
OPEC is an intergovernmental organization of twelve developing countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. OPEC has maintained its headquarters in Vienna since 1965, and hosts regular meetings...

 nations, under the presidency of Dr. Mana Alotaiba increased production to offset the decline, and the overall loss in production was about 4 percent. However, a widespread panic resulted, added to by the decision of U.S. President Jimmy Carter to order the cessation of Iranian imports, driving the price far higher than would be expected under normal circumstances. In April of the same year, President Carter began a phased deregulation of oil prices. At the time, the average price of crude oil was $15.85 per barrel (42 gallons (159 l)). Deregulating domestic oil price controls allowed U.S. oil output to rise sharply from the Prudhoe Bay fields, although oil imports fell sharply. Long lines once again appeared at gas stations and convenience stores, just as they did in 1973.

In 1980, following the outbreak of the Iran–Iraq War, oil production in Iran nearly stopped, and Iraq's oil production was severely cut as well.

After 1980, oil prices began a 20-year decline
1980s oil glut
The 1980s oil glut was a serious surplus of crude oil caused by falling demand following the 1970s Energy Crisis. The world price of oil, which had peaked in 1980 at over US$35 per barrel , fell in 1986 from $27 to below $10...

 down to a 60 percent price drop in the 1990s. Oil exporters such as Mexico, Nigeria, and Venezuela expanded production ; USSR became the first world producer, and North Sea and Alaskan oil flooded onto the market.

Iran

In November 1978, a strike by 37,000 workers at Iran's nationalized oil refineries initially reduced production from 6 Moilbbl per day to about 1.5 Moilbbl. Foreign worker
Foreign worker
A foreign worker is a person who works in a country other than the one of which he or she is a citizen. The term migrant worker as discussed in the migrant worker page is used in a particular UN resolution as a synonym for "foreign worker"...

s (including skilled oil workers) fled the country. On January 16, 1979, Shah of Iran
Pahlavi dynasty
The Pahlavi dynasty consisted of two Iranian/Persian monarchs, father and son Reza Shah Pahlavi and Mohammad Reza Shah Pahlavi The Pahlavi dynasty consisted of two Iranian/Persian monarchs, father and son Reza Shah Pahlavi (reg. 1925–1941) and Mohammad Reza Shah Pahlavi The Pahlavi dynasty ...

, Mohammad Reza Pahlavi
Mohammad Reza Pahlavi
Mohammad Rezā Shāh Pahlavi, Shah of Iran, Shah of Persia , ruled Iran from 16 September 1941 until his overthrow by the Iranian Revolution on 11 February 1979...

 and his wife left Iran at the behest of Prime Minister Shapour Bakhtiar
Shapour Bakhtiar
Shapour Bakhtiar was an Iranian political scientist, writer and the last Prime Minister of Iran under Shah Mohammad Reza Pahlavi...

 (a long time opposition leader himself), who sought to calm down the situation.

Other OPEC members

The rise in oil price benefited other OPEC members, which made record profits.

United States

The oil crisis had mixed effects in the United States, due to some parts of the country being oil-producing regions and other parts being oil-consuming regions.

Richard Nixon
Richard Nixon
Richard Milhous Nixon was the 37th President of the United States, serving from 1969 to 1974. The only president to resign the office, Nixon had previously served as a US representative and senator from California and as the 36th Vice President of the United States from 1953 to 1961 under...

 had imposed price controls
Price controls
Price controls are governmental impositions on the prices charged for goods and services in a market, usually intended to maintain the affordability of staple foods and goods, and to prevent price gouging during shortages, or, alternatively, to insure an income for providers of certain goods...

 on domestic oil, which had helped cause shortages that led to gasoline lines during the 1973 Oil Crisis
1973 oil crisis
The 1973 oil crisis started in October 1973, when the members of Organization of Arab Petroleum Exporting Countries or the OAPEC proclaimed an oil embargo. This was "in response to the U.S. decision to re-supply the Israeli military" during the Yom Kippur war. It lasted until March 1974. With the...

. Gasoline controls were repealed, but controls on domestic US oil remained.

The Jimmy Carter
Jimmy Carter
James Earl "Jimmy" Carter, Jr. is an American politician who served as the 39th President of the United States and was the recipient of the 2002 Nobel Peace Prize, the only U.S. President to have received the Prize after leaving office...

 administration began a phased deregulation of oil prices on April 5, 1979, when the average price of crude oil was US$15.85 per barrel (42 gallons (159 l)). Starting with the Iranian revolution, the price of crude oil rose to $39.50 per barrel over the next 12 months (its all time highest real price until March 7, 2008.) Deregulating domestic oil price controls allowed domestic U.S. oil output to rise sharply from the large Prudhoe Bay fields, while oil imports fell sharply.

Due to memories of oil shortage in 1973, motorists soon began panic buying, and long lines appeared at gas stations, as they had six years earlier during the 1973 oil crisis
1973 oil crisis
The 1973 oil crisis started in October 1973, when the members of Organization of Arab Petroleum Exporting Countries or the OAPEC proclaimed an oil embargo. This was "in response to the U.S. decision to re-supply the Israeli military" during the Yom Kippur war. It lasted until March 1974. With the...

.

As the average vehicle of the time consumed between two to three liters (about 0.5-0.8 gallons) of gasoline
Gasoline
Gasoline , or petrol , is a toxic, translucent, petroleum-derived liquid that is primarily used as a fuel in internal combustion engines. It consists mostly of organic compounds obtained by the fractional distillation of petroleum, enhanced with a variety of additives. Some gasolines also contain...

 (petrol) an hour while idling, it was estimated that Americans wasted up to 150000 barrels (23,848.1 m³) of oil per day idling their engines in the lines at gas stations.
During the period, many people believed the oil companies artificially created oil shortages to drive up prices, rather than factors beyond human control or the US' own price controls. The amount of oil sold in the United States in 1979 was only 3.5 percent less than the record set for oil sold the year previously.

Many politicians proposed gas rationing
Rationing
Rationing is the controlled distribution of scarce resources, goods, or services. Rationing controls the size of the ration, one's allotted portion of the resources being distributed on a particular day or at a particular time.- In economics :...

; one such proponent was Harry Hughes
Harry Hughes
Harry Roe Hughes , a member of the United States Democratic Party, was the 57th Governor of Maryland in the United States from 1979 to 1987.-Early life and family:...

, Governor of Maryland
Governor of Maryland
The Governor of Maryland heads the executive branch of the government of Maryland, and he is the commander-in-chief of the state's National Guard units. The Governor is the highest-ranking official in the state, and he has a broad range of appointive powers in both the State and local governments,...

, who proposed odd-even rationing
Odd-even rationing
Odd-even rationing is a method of rationing in which access to some resource is restricted to half the population on any given day. In a common example, cars are allowed to drive or to purchase gasoline on alternate days, according to whether the last digit in their license plate is even or odd...

 (only people with an odd-numbered license plate could purchase gas on an odd-numbered day), as was used during the 1973 Oil Crisis
1973 oil crisis
The 1973 oil crisis started in October 1973, when the members of Organization of Arab Petroleum Exporting Countries or the OAPEC proclaimed an oil embargo. This was "in response to the U.S. decision to re-supply the Israeli military" during the Yom Kippur war. It lasted until March 1974. With the...

. Several states actually implemented odd-even gas rationing, including Pennsylvania
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...

, New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...

, New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...

, and Texas
Texas
Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...

. Coupons for gasoline rationing were printed but were never actually used during the 1979 crisis.

On July 15, 1979, President Jimmy Carter outlined his plans to reduce oil imports and improve energy efficiency in his "Crisis of Confidence" speech (sometimes known as the "malaise
Malaise
Malaise is a feeling of general discomfort or uneasiness, of being "out of sorts", often the first indication of an infection or other disease. Malaise is often defined in medicinal research as a "general feeling of being unwell"...

" speech). It is often said that during the speech, Carter wore a cardigan
Cardigan (sweater)
A cardigan is a type of machine- or hand-knitted sweater that ties, buttons or zips down the front; by contrast, a pullover does not open in front but must be "pulled over" the head to be worn. The cardigan was named after James Brudenell, 7th Earl of Cardigan, a British military commander,...

 (he actually wore a blue suit) and encouraged citizens to do what they could to reduce their use of energy. He had already installed solar power
Solar power
Solar energy, radiant light and heat from the sun, has been harnessed by humans since ancient times using a range of ever-evolving technologies. Solar radiation, along with secondary solar-powered resources such as wind and wave power, hydroelectricity and biomass, account for most of the available...

 panels on the roof of the White House
White House
The White House is the official residence and principal workplace of the president of the United States. Located at 1600 Pennsylvania Avenue NW in Washington, D.C., the house was designed by Irish-born James Hoban, and built between 1792 and 1800 of white-painted Aquia sandstone in the Neoclassical...

 and a wood-burning stove
Wood fuel
Wood fuel is wood used as fuel. The burning of wood is currently the largest use of energy derived from a solid fuel biomass. Wood fuel can be used for cooking and heating, and occasionally for fueling steam engines and steam turbines that generate electricity. Wood fuel may be available as...

 in the living quarters. However, the panels were removed in 1986, reportedly for roof maintenance, during the administration of his successor, Ronald Reagan
Ronald Reagan
Ronald Wilson Reagan was the 40th President of the United States , the 33rd Governor of California and, prior to that, a radio, film and television actor....

.

Carter's speech argued the oil crisis was "the moral equivalent of war". Several months later, in January 1980, Carter issued the Carter Doctrine
Carter Doctrine
The Carter Doctrine was a policy proclaimed by President of the United States Jimmy Carter in his State of the Union Address on January 23, 1980, which stated that the United States would use military force if necessary to defend its national interests in the Persian Gulf region...

, which declared that any interference with U.S. oil interests in the Persian Gulf
Persian Gulf
The Persian Gulf, in Southwest Asia, is an extension of the Indian Ocean located between Iran and the Arabian Peninsula.The Persian Gulf was the focus of the 1980–1988 Iran-Iraq War, in which each side attacked the other's oil tankers...

 would be considered an attack on the vital interests of the United States. Additionally, as part of his administration's efforts at deregulation, Carter proposed removing price controls that had been imposed in the administration of Richard Nixon
Richard Nixon
Richard Milhous Nixon was the 37th President of the United States, serving from 1969 to 1974. The only president to resign the office, Nixon had previously served as a US representative and senator from California and as the 36th Vice President of the United States from 1953 to 1961 under...

 before the 1973 crisis. Carter agreed to remove price controls in phases; they were finally dismantled in 1981 under Reagan. Carter also said he would impose a windfall profit tax on oil companies. While the regulated price of domestic oil was kept to $6 a barrel, the world market price was $30.

In 1980, the U.S. Government established the Synthetic Fuels Corporation
Synthetic Fuels Corporation
The Synthetic Fuels Corporation was a U.S. government-funded corporation established in 1980 by the Synthetic Fuels Corporation Act to create a financial bridge for the development and construction of commercial synthetic fuel manufacturing plants that would produce alternatives to imported fossil...

 to produce an alternative to imported fossil fuels.

Oil patch

When the price of West Texas Intermediate
West Texas Intermediate
West Texas Intermediate , also known as Texas light sweet, is a grade of crude oil used as a benchmark in oil pricing. It is a light and sweet crude oil...

 crude oil increased 250 percent between 1978 and 1980, the oil-producing areas of Texas, Oklahoma, Louisiana, Colorado, Wyoming, and Alaska began experiencing an economic boom and population inflows.

Automobile fuel economy

At the same time, Detroit's then-Big Three automakers (Ford, Chrysler
Chrysler
Chrysler Group LLC is a multinational automaker headquartered in Auburn Hills, Michigan, USA. Chrysler was first organized as the Chrysler Corporation in 1925....

, GM
General Motors
General Motors Company , commonly known as GM, formerly incorporated as General Motors Corporation, is an American multinational automotive corporation headquartered in Detroit, Michigan and the world's second-largest automaker in 2010...

) were marketing downsized full-sized automobiles like the Chevrolet Caprice
GM B platform
The B platform, or B-body, was General Motors' full-size rear-wheel drive automobile platform. It was closely related to the C-body and D-body and was used for coupés, sedans, and station wagons....

, the Ford LTD Crown Victoria
Ford Panther platform
The Ford Panther platform is an automobile platform that was used by Ford Motor Company for full-size, rear-wheel drive sedans. Introduced in late 1978 for the 1979 model year, it was progressively updated over 33 years of production. In September 2011, the last car produced on the platform was...

 and the Dodge St. Regis
Chrysler R platform
The Chrysler R platform, introduced for 1979, was essentially a slightly modernized version of Chrysler's 1971-78 intermediate B platform, which had its roots in the company's downsized 1962 full-size models . It was a response to the downsized 1977 Chevrolet Caprice and Ford LTD, but proved...

 which met the CAFE
Corporate Average Fuel Economy
The Corporate Average Fuel Economy are regulations in the United States, first enacted by the U.S. Congress in 1975, and intended to improve the average fuel economy of cars and light trucks sold in the US in the wake of the 1973 Arab Oil Embargo...

 fuel economy mandates passed in 1978. Detroit's response to the growing popularity of imported compacts like the Toyota Corolla
Toyota Corolla
The Toyota Corolla is a line of subcompact and compact cars manufactured by the Japanese automaker Toyota, which has become very popular throughout the world since the nameplate was first introduced in 1966. In 1997, the Corolla became the best selling nameplate in the world, with over 35 million...

 and the Volkswagen Rabbit were the Chevrolet Citation
GM X platform
There have been two X-body automobile platforms from General Motors. All X-bodies were small entry-level models.-Rear wheel drive:The rear-wheel drive X-body underpinned the Chevrolet Nova and similar cars of the late 1960s and 1970s. It was also the basis for the Cadillac Seville's K platform...

, and the Ford Fairmont
Ford Fox platform
The Ford Fox platform is a rear wheel drive, unitized-chassis, automobile architecture used by Ford Motor Company in North America. Introduced for the 1978 model year, it would go on to be produced until 1993 in its original version; a substantial redesign of the Ford Mustang in 1994 extended its...

; Ford replaced the Ford Pinto
Ford Pinto
The Ford Pinto is a subcompact car produced by the Ford Motor Company for the model years 1971–1980. The car's name derives from the Pinto horse. Initially offered as a two-door sedan, Ford offered "Runabout" hatchback and wagon models the following year, competing in the U.S. market with the AMC...

 with the Ford Escort
Ford CE14 platform
The Ford CE14 platform was a front wheel drive automobile platform used by the Ford Motor Company for its compact cars during the 1980s and early 1990s. The CE14 platform was heavily derived from the platform of the European Ford Escort...

 and Chrysler, on the verge of bankruptcy, introduced the Dodge Aries K
Chrysler K platform
The Chrysler Corporation's K-cars were compact-to-midsize cars designed to carry six adults on two bench seats and were aimed not only to replace Chrysler's nominally-compact F-body Aspen and Volaré, but also to compete with intermediates like the Chevrolet Malibu and Ford Fairmont...

. GM was having unfavorable market reactions to the Citation, and introduced the Chevrolet Corsica and Chevrolet Beretta
GM L platform
The General Motors L platform was a front-wheel drive compact car automotive platform that was produced from 1987 through 1996....

 in 1987 which did sell better. GM also replaced the Chevrolet Monza
GM H platform (RWD)
The General Motors H platform or H-body is an automobile platform designation used for the 1971–1980 model year rear wheel drive line of subcompact cars...

, introducing the 1982 Chevrolet Cavalier
GM J platform
The J platform, or J-body, was General Motors' inexpensive front-wheel drive automobile platform from the 1980s and 1990s. The platform replaced the GM H platform. The J-platform is the only platform of GM to have a model in each of its "Original 5" passenger car divisions...

 which was better received. Ford experienced a similar market rejection of the Fairmont, and introduced the front wheel drive Ford Tempo
Ford Tempo
The Ford Tempo is a coupe/sedan car model that was produced by Ford Motor Company for model years 1984 to 1994. It was a downsized successor to the boxy Ford Fairmont that introduced "jellybean" styling, which would later be shown on the larger 1986 Ford Taurus. and was replaced in 1994 by the...

 in 1984.

Detroit was not well prepared for the sudden rise in fuel prices, and imported brands were now more widely available in North America and had developed a loyal customer base. Many imported brands utilized fuel saving technologies such as fuel injection
Fuel injection
Fuel injection is a system for admitting fuel into an internal combustion engine. It has become the primary fuel delivery system used in automotive petrol engines, having almost completely replaced carburetors in the late 1980s....

 and multi-valve engines
Multi-valve
In automotive engineering a multi-valve or multivalve engine is one where each cylinder has more than two valves. A multi-valve engine has better breathing and can operate at higher revolutions per minute than a two-valve engine, delivering more power.- Multi-valve rationale :A multi-valve design...

 over the common use of carburetors. GM's Cadillac
Cadillac
Cadillac is an American luxury vehicle marque owned by General Motors . Cadillac vehicles are sold in over 50 countries and territories, but mostly in North America. Cadillac is currently the second oldest American automobile manufacturer behind fellow GM marque Buick and is among the oldest...

 division experimented with their V8-6-4 power plant (the ancestor of the modern-day Active Fuel Management and/or variable displacement), which was a market failure. Nonetheless, overall fuel economy increased, which was one factor leading to the subsequent 1980s oil glut
1980s oil glut
The 1980s oil glut was a serious surplus of crude oil caused by falling demand following the 1970s Energy Crisis. The world price of oil, which had peaked in 1980 at over US$35 per barrel , fell in 1986 from $27 to below $10...

.

See also

  • Energy crisis
    Energy crisis
    An energy crisis is any great bottleneck in the supply of energy resources to an economy. In popular literature though, it often refers to one of the energy sources used at a certain time and place, particularly those that supply national electricity grids or serve as fuel for vehicles...

  • Iran hostage crisis
    Iran hostage crisis
    The Iran hostage crisis was a diplomatic crisis between Iran and the United States where 52 Americans were held hostage for 444 days from November 4, 1979 to January 20, 1981, after a group of Islamist students and militants took over the American Embassy in Tehran in support of the Iranian...

  • 1967 Oil Embargo
    1967 Oil Embargo
    The 1967 Oil Embargo began on June 6, 1967, one day after the beginning of the Six-Day War, with a joint Arab decision to deter any countries from supporting Israel militarily. Several Middle Eastern countries eventually limited their oil shipments, some embargoing only the United States and the...

  • 1973 oil crisis
    1973 oil crisis
    The 1973 oil crisis started in October 1973, when the members of Organization of Arab Petroleum Exporting Countries or the OAPEC proclaimed an oil embargo. This was "in response to the U.S. decision to re-supply the Israeli military" during the Yom Kippur war. It lasted until March 1974. With the...

  • 1970s Energy Crisis
    1970s energy crisis
    The 1970s energy crisis was a period in which the major industrial countries of the world, particularly the United States, faced substantial shortages, both perceived and real, of petroleum...

  • 1979 world oil market chronology
    1979 world oil market chronology
    *January: First emergency Crude Oil Buy-Sell Program allocations.*January 16: Shah leaves Iran on vacation, never to return. Bakhtiar government established by the Shah to preside until unrest subsides....

  • 1980s oil glut
    1980s oil glut
    The 1980s oil glut was a serious surplus of crude oil caused by falling demand following the 1970s Energy Crisis. The world price of oil, which had peaked in 1980 at over US$35 per barrel , fell in 1986 from $27 to below $10...

  • 1990 spike in the price of oil
  • 2000s energy crisis
  • 2011 energy crisis
  • Hubbert peak theory
    Hubbert peak theory
    The Hubbert peak theory posits that for any given geographical area, from an individual oil-producing region to the planet as a whole, the rate of petroleum production tends to follow a bell-shaped curve...


Further reading

  • The Prize: The Epic Quest for Oil, Money, and Power
    The Prize: The Epic Quest for Oil, Money, and Power
    The Prize: The Epic Quest for Oil, Money, and Power is Daniel Yergin's 800-page history of the global oil industry from the 1850s through 1990...

    ,(1993) , by Daniel Yergin
    Daniel Yergin
    Daniel Howard Yergin is an American author, speaker, and economic researcher. Yergin is the co-founder and chairman of Cambridge Energy Research Associates, an energy research consultancy. It was acquired by IHS Inc...

    , Simon & Schuster
    Simon & Schuster
    Simon & Schuster, Inc., a division of CBS Corporation, is a publisher founded in New York City in 1924 by Richard L. Simon and M. Lincoln Schuster. It is one of the four largest English-language publishers, alongside Random House, Penguin and HarperCollins...

    , ISBN 0-671-79932-0 & ISBN 0-671-50248-4
The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
x
OK