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1979 oil crisis

April 24, 2023

Further information: 1970–1979 world oil market chronology

The 1979 oil crisis, also known as the 1979 Oil Shock or Second Oil Crisis, was an energy crisis caused by a drop in oil production in the wake of the Iranian Revolution. Although the global oil supply only decreased by approximately four percent,[2] the oil markets' reaction raised the price of crude oil drastically over the next 12 months, more than doubling it to $39.50 per barrel ($248/m3). The sudden increase in price was connected with fuel shortages and long lines at gas stations similar to the 1973 oil crisis.[3]

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

In 1980, following the onset of the Iran–Iraq War, oil production in Iran fell drastically. Iraq's oil production also dropped significantly, triggering economic recessions worldwide. Oil prices did not return to pre-crisis levels until the mid-1980s.[4]

Oil prices after 1980 began a steady decline over the next 20 years, except for a brief uptick during the Gulf War, which then reached a 60% fall-off in the 1990s. Mexico, Nigeria, and Venezuela's major oil exporters expanded their production during this time. The Soviet Union became the largest oil producer in the world, and oil from the North Sea and Alaska flooded the market.

Iran

See also: Iranian Revolution and Iran–Iraq War

In November 1978, a strike consisting of 37,000 workers at Iran's nationalized oil refineries reduced production from 6 million barrels (950,000 m3) per day to about 1.5 million barrels (240,000 m3).[5] Foreign workers left the country. However, by bringing navy personnel into crude oil production operations, the government fixed short-term disruptions and by end of November the output came back to almost normal level.[6]

On January 16, 1979, the Shah of Iran, Mohammad Reza Pahlavi, and his wife, Farah Pahlavi, left Iran at the behest of Prime Minister Shapour Bakhtiar, who sought to calm the situation.[7] After the departure of the Shah, Ayatollah Khomeini became the new leader of Iran.

Effects

Other OPEC members

 
Fluctuations of OPEC net oil export revenues since 1972[8][9]

The rise in oil prices benefited a few members of the Organization of Petroleum-Exporting Countries (OPEC), which made record profits. Under the new Iranian government, oil exports later resumed but production was inconsistent and at a lower volume, further raising prices. Saudi Arabia and other OPEC nations, under the presidency of Mana Al Otaiba, increased production to offset most of the decline, and by early 1979 the overall loss in worldwide production was roughly four percent.[2]

The war between Iran and Iraq in 1980 caused a further 7 percent drop in worldwide production[10] and OPEC production was surpassed by other exporters such as the United States as its member nations were divided amongst themselves. Saudi Arabia, a "swing producer", tried to gain back the market share after 1985, increasing production and causing downward pressure on prices, making high-cost oil production facilities less profitable.

United States

 
Line at a gas station in Maryland, United States, June 15, 1979.

The oil crisis had a mixed impact on the United States. Some regions of the country are oil-producing regions, and other regions are oil-consuming. Richard Nixon imposed price controls on domestic oil. Gasoline controls were repealed, but controls on domestic US oil remained.

The Jimmy Carter 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 ($100/m3). Starting with the Iranian revolution, the price of crude oil rose to $39.50 per barrel ($248/m3) over the next 12 months (its all-time highest real price until March 3, 2008).[11] Deregulating domestic oil price controls allowed U.S. oil output to rise sharply from the large Prudhoe Bay fields, while oil imports fell sharply.

Although not directly related, the near-disaster at Three Mile Island on March 28, 1979, also increased anxiety about energy policy and availability.[12] Due to memories of the oil shortage in 1973, motorists soon began panic buying, and long lines appeared at gas stations, as they had six years earlier.[13] The average vehicle of the time consumed between two and three liters (about 0.5–0.8 gallons) of gasoline an hour while idling, and it was estimated that Americans wasted up to 150,000 barrels (24,000 m3) of oil per day idling their engines in the lines at gas stations.[14]

 
Gas coupon printed but not issued during the 1979 energy crisis

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 previous year.[15] A telephone poll of 1,600 American adults conducted by the Associated Press and NBC News and released in early May 1979 found that only 37 percent of Americans thought the energy shortages were real, nine percent were not sure, and 54 percent thought the energy shortages were a hoax.[16]

Many politicians proposed gas rationing. One such proponent was Harry Hughes, Governor of Maryland, who proposed odd-even rationing (only people with an odd-numbered license plate could purchase gas on an odd-numbered day), as was used during the 1973 Oil Crisis. Several states implemented odd-even gas rationing, including California, Pennsylvania, New York, New Jersey, Oregon, and Texas. Coupons for gasoline rationing were printed but were never actually used during the 1979 crisis.[17]

On July 15, 1979, President Carter outlined his plans to reduce oil imports and improve energy efficiency in his "Crisis of Confidence" speech (sometimes known as the "malaise" speech).[18] In the speech, Carter encouraged citizens to do what they could to reduce their use of energy. He had already installed water tank heating solar panels on the roof of the White House and a wood-burning stove in the living quarters. However, the panels were removed in 1986, reportedly for roof maintenance, during the administration of his successor, Ronald Reagan.[19]

A speech Carter gave in April 1977 argued the oil crisis was " the moral equivalent of war". In November 1979, Iranian revolutionaries seized the American Embassy, and Carter imposed an embargo on Iranian oil.[20] In January 1980, he issued the Carter Doctrine, declaring: "An attempt by any outside force to gain control of the Persian Gulf region will be regarded as an assault on the vital interests of the United States."[21] Additionally, as part of his administration's efforts at deregulation, Carter proposed removing price controls that had been imposed by the Richard Nixon administration before the 1973 crisis. Carter agreed to remove price controls in phases. They were finally dismantled in 1981 under Reagan.[22] Carter also said he would impose a windfall profit tax on oil companies.[23] While the regulated price of domestic oil was kept to $6 a barrel, the world market price was $30.[23]

In 1980, the U.S. government established the Synthetic Fuels Corporation to produce an alternative to imported fossil fuels.

When the price of West Texas Intermediate 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.[24]

According to one study, individuals who were between the ages of 15 and 18 during the 1979 oil crisis were substantially less likely to use cars once they were in their mid-30s.[25]

Other oil-consuming nations

In response to the high oil prices of the 1970s, industrial nations took steps to reduce their dependence on the Organization of Petroleum-Exporting Countries (OPEC) oil.[11] Electric utilities worldwide switched from oil to coal, natural gas, or nuclear power.[26] National governments initiated multibillion-dollar research programs to develop alternatives to oil[27][28] and commercial exploration developed major non-OPEC oilfields in Siberia, Alaska, North Sea, and the Gulf of Mexico.[29] By 1986, daily worldwide demand for oil dropped by 5 million barrels but, non-OPEC production rose by an even-larger amount.[30] Consequently, OPEC's market share reduced from 50 percent in 1979 to 29 percent in 1985.[31]

Automobile fuel economy

Main article: Fuel economy in automobiles
See also: Malaise era

At the time, Detroit's "Big Three" automakers (Ford, Chrysler, GM) were marketing downsized full-sized automobiles like the Chevrolet Caprice, the Ford LTD Crown Victoria and the Dodge St. Regis which met the CAFE fuel economy mandates passed in 1978. Detroit's response to the growing popularity of imported compacts like the Toyota Corolla and the Volkswagen Rabbit was the Chevrolet Citation and the Ford Fairmont. Ford replaced the Ford Pinto with the Ford Escort and Chrysler, on the verge of bankruptcy, introduced the Dodge Aries K. GM was having unfavorable market reactions to the Citation and introduced the Chevrolet Corsica and Chevrolet Beretta in 1987 which sold better. GM also replaced the Chevrolet Monza, introducing the 1982 Chevrolet Cavalier which was better received. Ford experienced a similar market rejection of the Fairmont and introduced the front-wheel-drive Ford Tempo in 1984.[32]

Detroit was not well prepared for the sudden rise in fuel prices, and imported brands (primarily the Asian models, which were mass-marketed and had a lower manufacturing cost as opposed to British and West German brands). Moreover, the rising value of the Deutsche mark and British pound resulted in the transition to the rise of Japanese manufacturers as they were able to export their product from Japan at a lower cost, resulting in profitable gains (despite accusations of price dumping), and were now more widely available in North America and developing a loyal customer base.[33]

A year after the 1979 Iranian Revolution, Japanese manufacturers surpassed Detroit's production totals, becoming first in the world. Indeed, the share of Japanese cars in U.S. auto purchases rose from 9 percent in 1976 to 21 percent in 1980.[34] Japanese exports would later displace the automotive market once dominated by lower-tier European manufacturers (Renault, Fiat, Opel, Peugeot, MG, Triumph, Citroen). Some would declare bankruptcy (e.g. Triumph, Simca) or withdraw from the U.S. market, especially in the wake of grey market automobiles or the inability of the vehicle to meet DOT requirements (from emission requirements to automotive lighting). Many imported brands utilized fuel-saving technologies such as fuel injection and multi-valve engines over the common use of carburetors.[35] The overall fuel economy of cars in the United States increased from about 15 miles per gallon (mpg) in 1979 to 18 mpg by 1985 and 20 mpg by 1990.[36] This was one factor leading to the subsequent 1980s oil glut.

See also

References

  1. ^ "Monthly Energy Review" (PDF). U.S. Energy Information Administration. November 2015.
  2. ^ a b . Time. February 5, 1979. Archived from the original on March 7, 2008. Retrieved January 27, 2008.
  3. ^ "1970s: Education". National Association of Convenience Stores.
  4. ^ "The History of Global Oil Production: 1980's Oil Production". Retrieved August 29, 2020.
  5. ^ . Time. November 13, 1978. Archived from the original on January 14, 2009. Retrieved December 5, 2009.
  6. ^ Brotons, Jean-Charles (2010). U.S. Officials and the Fall of the Shah: Some Safe Contraction Interpretations. Lexington Books. ISBN 978-0-7391-3340-8.
  7. ^ "1979: Shah of Iran flees into exile". BBC. January 16, 1979. from the original on October 29, 2009. Retrieved December 5, 2009.
  8. ^ . US Energy Information Administration. January 10, 2006. Archived from the original on January 7, 2008.
  9. ^ "OPEC Revenues Fact Sheet". U.S. Energy Information Administration. June 14, 2016. Retrieved August 25, 2016.
  10. ^ Gross, Samantha (March 5, 2019). "What Iran's 1979 revolution meant for US and global oil markets". Brookings. Retrieved March 31, 2021.
  11. ^ a b Mouawad, Jad (March 3, 2008). "Oil Prices Pass Record Set in the '80s, but Then Recede". The New York Times. Retrieved April 20, 2010.
  12. ^ "Timeline of the accident at Three Mile Island", The Patriot-News (Central Pennsylvania), March 22, 2009. This is only indirectly related but is an additional source of anxiety about energy policy.
  13. ^ Powell, Robert E. (May 4, 2005). "The Oil Shocks of the 70s".
  14. ^ Leggett, Jeremy (2005). Half Gone: Oil, Gas, Hot Air, and the Global Energy Crisis. p. 150.
  15. ^ Sowell, Thomas (November 5, 2002). "Mondale's 'experience'". Jewish World Review. from the original on October 6, 2008. Retrieved November 7, 2008.
  16. ^ Witt, Evans (May 4, 1979). "Energy crisis still doubted by public". Associated Press.
  17. ^ "Rationing Coupons Shredded". The New York Times. June 2, 1984. Retrieved January 27, 2008.
  18. ^ Carter, Jimmy (July 15, 1979). "Crisis of Confidence". The Carter Center. Retrieved July 27, 2008.
  19. ^ Wihbey, John (November 11, 2008). "Jimmy Carter's Solar Panels: A Lost History that Haunts Today". The Yale Forum on Climate Change & the Media. Retrieved November 1, 2009.
  20. ^ "Carter Imposes Oil Embargo During Hostage Crisis". The History Channel. Retrieved December 10, 2016.
  21. ^ Carter, Jimmy (January 23, 1980). "Third State of the Union Address". Jimmy Carter Presidential Library. from the original on August 7, 2008. Retrieved July 27, 2008.
  22. ^ . January 28, 1981. Archived from the original on September 24, 2015. Retrieved January 27, 2008.
  23. ^ a b Thorndike, Joseph J. (November 10, 2005). "Historical Perspective: The Windfall Profit Tax – Career of a Concept". TaxHistory.org. Retrieved November 6, 2008.
  24. ^ . Archived from the original on April 30, 2010. Retrieved December 16, 2007.
  25. ^ Severen, Christopher; van Benthem, Arthur (2019). "Formative Experiences and the Price of Gasoline". doi:10.3386/w26091. S2CID 241675927. {{cite journal}}: Cite journal requires |journal= (help)
  26. ^ Toth, Ferenc L.; Rogner, Hans-Holger (January 2006). "Oil and nuclear power: Past, present, and future" (PDF). Energy Economics. 28 (1): 1–25. doi:10.1016/j.eneco.2005.03.004.
  27. ^ "Renewables in Global Energy Supply: An IEA Fact Sheet" (PDF). International Energy Agency. January 2007.
  28. ^ (Press release). United Nations Environment Programme. June 12, 2013. Archived from the original on March 4, 2016.
  29. ^ Bromley, Simon (2013). American Power and the Prospects for International Order. John Wiley & Sons. p. 95. ISBN 9780745658414.
  30. ^ Robert, Paul (2004). The End of Oil: The Decline of the Petroleum Economy and the Rise of a New Energy Order. New York: Houghton Mifflin Company. pp. 103–04. ISBN 978-0-618-23977-1.
  31. ^ Boussena, Sadek (1994). "OPEC's Learning Process". Energy Studies Review. 6 (1): 61–72. doi:10.15173/esr.v6i1.322.
  32. ^ "1979 oil shock meant recession for U.S., depression for autos". Automotive News. 2013. Retrieved August 29, 2020.
  33. ^ Cole, Robert, ed. (1981). The Japanese Automotive Industry: Model and Challenge for the Future?. University of Michigan Press. doi:10.3998/mpub.18647. ISBN 978-0-939512-08-9. JSTOR 10.3998/mpub.18647.
  34. ^ Cole, Robert, ed. (1981). The Japanese Automotive Industry: Model and Challenge for the Future?. University of Michigan Press. doi:10.3998/mpub.18647. ISBN 978-0-939512-08-9. JSTOR 10.3998/mpub.18647.
  35. ^ Truett, Richard (2006). "Smooth Transition". AutoWeek. Retrieved May 28, 2007.
  36. ^ World Bank (2022). Commodity Markets Outlook: The Impact of the War in Ukraine on Commodity Markets, April 2022. World Bank. p. 18.

Further reading

  • Ammann, Daniel (2009). The King of Oil: The Secret Lives of Marc Rich. New York: St. Martin's Press. ISBN 978-0-312-57074-3.
  • Lesch, David W. 1979: The Year That Shaped The Modern Middle East (2001) excerpt
  • Odell, Peter R. Oil and gas: crises and controversies 1961-2000 (2001) online
  • Odell, Peter R. Oil and world power : background to the oil crisis (1974) online
  • Painter, David S. (2014) "Oil and geopolitics: The oil crises of the 1970s and the cold war." Historical Social Research/Historische Sozialforschung (2014): 186–208. online
  • Randall, Stephen J. United States foreign oil policy since World War I: For profits and security (Montreal: McGill-Queen's Press-MQUP, 2005).

April 24, 2023
1979, crisis, further, information, 1970, 1979, world, market, chronology, this, article, tone, style, reflect, encyclopedic, tone, used, wikipedia, wikipedia, guide, writing, better, articles, suggestions, august, 2020, learn, when, remove, this, template, me. Further information 1970 1979 world oil market chronology This article s tone or style may not reflect the encyclopedic tone used on Wikipedia See Wikipedia s guide to writing better articles for suggestions August 2020 Learn how and when to remove this template message The 1979 oil crisis also known as the 1979 Oil Shock or Second Oil Crisis was an energy crisis caused by a drop in oil production in the wake of the Iranian Revolution Although the global oil supply only decreased by approximately four percent 2 the oil markets reaction raised the price of crude oil drastically over the next 12 months more than doubling it to 39 50 per barrel 248 m3 The sudden increase in price was connected with fuel shortages and long lines at gas stations similar to the 1973 oil crisis 3 1979 oil crisisGraph of top oil producing countries showing drop in Iran s production 1 Date1979 1979 1980 1980 Also known asSecond oil crisisIn 1980 following the onset of the Iran Iraq War oil production in Iran fell drastically Iraq s oil production also dropped significantly triggering economic recessions worldwide Oil prices did not return to pre crisis levels until the mid 1980s 4 Oil prices after 1980 began a steady decline over the next 20 years except for a brief uptick during the Gulf War which then reached a 60 fall off in the 1990s Mexico Nigeria and Venezuela s major oil exporters expanded their production during this time The Soviet Union became the largest oil producer in the world and oil from the North Sea and Alaska flooded the market Contents 1 Iran 2 Effects 2 1 Other OPEC members 2 2 United States 2 3 Other oil consuming nations 2 4 Automobile fuel economy 3 See also 4 References 5 Further readingIran EditSee also Iranian Revolution and Iran Iraq War This section needs expansion with supply disruptions from Iran Iraq War You can help by adding to it December 2015 In November 1978 a strike consisting of 37 000 workers at Iran s nationalized oil refineries reduced production from 6 million barrels 950 000 m3 per day to about 1 5 million barrels 240 000 m3 5 Foreign workers left the country However by bringing navy personnel into crude oil production operations the government fixed short term disruptions and by end of November the output came back to almost normal level 6 On January 16 1979 the Shah of Iran Mohammad Reza Pahlavi and his wife Farah Pahlavi left Iran at the behest of Prime Minister Shapour Bakhtiar who sought to calm the situation 7 After the departure of the Shah Ayatollah Khomeini became the new leader of Iran Effects EditOther OPEC members Edit Fluctuations of OPEC net oil export revenues since 1972 8 9 The rise in oil prices benefited a few members of the Organization of Petroleum Exporting Countries OPEC which made record profits Under the new Iranian government oil exports later resumed but production was inconsistent and at a lower volume further raising prices Saudi Arabia and other OPEC nations under the presidency of Mana Al Otaiba increased production to offset most of the decline and by early 1979 the overall loss in worldwide production was roughly four percent 2 The war between Iran and Iraq in 1980 caused a further 7 percent drop in worldwide production 10 and OPEC production was surpassed by other exporters such as the United States as its member nations were divided amongst themselves Saudi Arabia a swing producer tried to gain back the market share after 1985 increasing production and causing downward pressure on prices making high cost oil production facilities less profitable United States Edit Line at a gas station in Maryland United States June 15 1979 The oil crisis had a mixed impact on the United States Some regions of the country are oil producing regions and other regions are oil consuming Richard Nixon imposed price controls on domestic oil Gasoline controls were repealed but controls on domestic US oil remained The Jimmy Carter 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 100 m3 Starting with the Iranian revolution the price of crude oil rose to 39 50 per barrel 248 m3 over the next 12 months its all time highest real price until March 3 2008 11 Deregulating domestic oil price controls allowed U S oil output to rise sharply from the large Prudhoe Bay fields while oil imports fell sharply Although not directly related the near disaster at Three Mile Island on March 28 1979 also increased anxiety about energy policy and availability 12 Due to memories of the oil shortage in 1973 motorists soon began panic buying and long lines appeared at gas stations as they had six years earlier 13 The average vehicle of the time consumed between two and three liters about 0 5 0 8 gallons of gasoline an hour while idling and it was estimated that Americans wasted up to 150 000 barrels 24 000 m3 of oil per day idling their engines in the lines at gas stations 14 Gas coupon printed but not issued during the 1979 energy crisis 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 previous year 15 A telephone poll of 1 600 American adults conducted by the Associated Press and NBC News and released in early May 1979 found that only 37 percent of Americans thought the energy shortages were real nine percent were not sure and 54 percent thought the energy shortages were a hoax 16 Many politicians proposed gas rationing One such proponent was Harry Hughes Governor of Maryland who proposed odd even rationing only people with an odd numbered license plate could purchase gas on an odd numbered day as was used during the 1973 Oil Crisis Several states implemented odd even gas rationing including California Pennsylvania New York New Jersey Oregon and Texas Coupons for gasoline rationing were printed but were never actually used during the 1979 crisis 17 On July 15 1979 President Carter outlined his plans to reduce oil imports and improve energy efficiency in his Crisis of Confidence speech sometimes known as the malaise speech 18 In the speech Carter encouraged citizens to do what they could to reduce their use of energy He had already installed water tank heating solar panels on the roof of the White House and a wood burning stove in the living quarters However the panels were removed in 1986 reportedly for roof maintenance during the administration of his successor Ronald Reagan 19 A speech Carter gave in April 1977 argued the oil crisis was the moral equivalent of war In November 1979 Iranian revolutionaries seized the American Embassy and Carter imposed an embargo on Iranian oil 20 In January 1980 he issued the Carter Doctrine declaring An attempt by any outside force to gain control of the Persian Gulf region will be regarded as an assault on the vital interests of the United States 21 Additionally as part of his administration s efforts at deregulation Carter proposed removing price controls that had been imposed by the Richard Nixon administration before the 1973 crisis Carter agreed to remove price controls in phases They were finally dismantled in 1981 under Reagan 22 Carter also said he would impose a windfall profit tax on oil companies 23 While the regulated price of domestic oil was kept to 6 a barrel the world market price was 30 23 In 1980 the U S government established the Synthetic Fuels Corporation to produce an alternative to imported fossil fuels When the price of West Texas Intermediate 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 24 According to one study individuals who were between the ages of 15 and 18 during the 1979 oil crisis were substantially less likely to use cars once they were in their mid 30s 25 Other oil consuming nations Edit This section needs expansion You can help by adding to it December 2015 In response to the high oil prices of the 1970s industrial nations took steps to reduce their dependence on the Organization of Petroleum Exporting Countries OPEC oil 11 Electric utilities worldwide switched from oil to coal natural gas or nuclear power 26 National governments initiated multibillion dollar research programs to develop alternatives to oil 27 28 and commercial exploration developed major non OPEC oilfields in Siberia Alaska North Sea and the Gulf of Mexico 29 By 1986 daily worldwide demand for oil dropped by 5 million barrels but non OPEC production rose by an even larger amount 30 Consequently OPEC s market share reduced from 50 percent in 1979 to 29 percent in 1985 31 Automobile fuel economy Edit Main article Fuel economy in automobiles See also Malaise era At the time Detroit s Big Three automakers Ford Chrysler GM were marketing downsized full sized automobiles like the Chevrolet Caprice the Ford LTD Crown Victoria and the Dodge St Regis which met the CAFE fuel economy mandates passed in 1978 Detroit s response to the growing popularity of imported compacts like the Toyota Corolla and the Volkswagen Rabbit was the Chevrolet Citation and the Ford Fairmont Ford replaced the Ford Pinto with the Ford Escort and Chrysler on the verge of bankruptcy introduced the Dodge Aries K GM was having unfavorable market reactions to the Citation and introduced the Chevrolet Corsica and Chevrolet Beretta in 1987 which sold better GM also replaced the Chevrolet Monza introducing the 1982 Chevrolet Cavalier which was better received Ford experienced a similar market rejection of the Fairmont and introduced the front wheel drive Ford Tempo in 1984 32 Detroit was not well prepared for the sudden rise in fuel prices and imported brands primarily the Asian models which were mass marketed and had a lower manufacturing cost as opposed to British and West German brands Moreover the rising value of the Deutsche mark and British pound resulted in the transition to the rise of Japanese manufacturers as they were able to export their product from Japan at a lower cost resulting in profitable gains despite accusations of price dumping and were now more widely available in North America and developing a loyal customer base 33 A year after the 1979 Iranian Revolution Japanese manufacturers surpassed Detroit s production totals becoming first in the world Indeed the share of Japanese cars in U S auto purchases rose from 9 percent in 1976 to 21 percent in 1980 34 Japanese exports would later displace the automotive market once dominated by lower tier European manufacturers Renault Fiat Opel Peugeot MG Triumph Citroen Some would declare bankruptcy e g Triumph Simca or withdraw from the U S market especially in the wake of grey market automobiles or the inability of the vehicle to meet DOT requirements from emission requirements to automotive lighting Many imported brands utilized fuel saving technologies such as fuel injection and multi valve engines over the common use of carburetors 35 The overall fuel economy of cars in the United States increased from about 15 miles per gallon mpg in 1979 to 18 mpg by 1985 and 20 mpg by 1990 36 This was one factor leading to the subsequent 1980s oil glut See also Edit Energy portalEnergy crisis Energy diplomacy Iran hostage crisis 1979 world oil market chronology 1980s oil glut 2000s energy crisis Hubbert peak theory Carless days in New ZealandReferences Edit Monthly Energy Review PDF U S Energy Information Administration November 2015 a b Oil Squeeze Time February 5 1979 Archived from the original on March 7 2008 Retrieved January 27 2008 1970s Education National Association of Convenience Stores The History of Global Oil Production 1980 s Oil Production Retrieved August 29 2020 Another Crisis for the Shah Time November 13 1978 Archived from the original on January 14 2009 Retrieved December 5 2009 Brotons Jean Charles 2010 U S Officials and the Fall of the Shah Some Safe Contraction Interpretations Lexington Books ISBN 978 0 7391 3340 8 1979 Shah of Iran flees into exile BBC January 16 1979 Archived from the original on October 29 2009 Retrieved December 5 2009 OPEC Revenues Fact Sheet US Energy Information Administration January 10 2006 Archived from the original on January 7 2008 OPEC Revenues Fact Sheet U S Energy Information Administration June 14 2016 Retrieved August 25 2016 Gross Samantha March 5 2019 What Iran s 1979 revolution meant for US and global oil markets Brookings Retrieved March 31 2021 a b Mouawad Jad March 3 2008 Oil Prices Pass Record Set in the 80s but Then Recede The New York Times Retrieved April 20 2010 Timeline of the accident at Three Mile Island The Patriot News Central Pennsylvania March 22 2009 This is only indirectly related but is an additional source of anxiety about energy policy Powell Robert E May 4 2005 The Oil Shocks of the 70s Leggett Jeremy 2005 Half Gone Oil Gas Hot Air and the Global Energy Crisis p 150 Sowell Thomas November 5 2002 Mondale s experience Jewish World Review Archived from the original on October 6 2008 Retrieved November 7 2008 Witt Evans May 4 1979 Energy crisis still doubted by public Associated Press Rationing Coupons Shredded The New York Times June 2 1984 Retrieved January 27 2008 Carter Jimmy July 15 1979 Crisis of Confidence The Carter Center Retrieved July 27 2008 Wihbey John November 11 2008 Jimmy Carter s Solar Panels A Lost History that Haunts Today The Yale Forum on Climate Change amp the Media Retrieved November 1 2009 Carter Imposes Oil Embargo During Hostage Crisis The History Channel Retrieved December 10 2016 Carter Jimmy January 23 1980 Third State of the Union Address Jimmy Carter Presidential Library Archived from the original on August 7 2008 Retrieved July 27 2008 Executive Order 12287 Decontrol of Crude Oil and Refined Petroleum Products January 28 1981 Archived from the original on September 24 2015 Retrieved January 27 2008 a b Thorndike Joseph J November 10 2005 Historical Perspective The Windfall Profit Tax Career of a Concept TaxHistory org Retrieved November 6 2008 FDIC U S Home Prices Does Bust Always Follow Boom Archived from the original on April 30 2010 Retrieved December 16 2007 Severen Christopher van Benthem Arthur 2019 Formative Experiences and the Price of Gasoline doi 10 3386 w26091 S2CID 241675927 a href Template Cite journal html title Template Cite journal cite journal a Cite journal requires journal help Toth Ferenc L Rogner Hans Holger January 2006 Oil and nuclear power Past present and future PDF Energy Economics 28 1 1 25 doi 10 1016 j eneco 2005 03 004 Renewables in Global Energy Supply An IEA Fact Sheet PDF International Energy Agency January 2007 Renewable Energy World Invests 244 billion in 2012 Geographic Shift to Developing Countries Press release United Nations Environment Programme June 12 2013 Archived from the original on March 4 2016 Bromley Simon 2013 American Power and the Prospects for International Order John Wiley amp Sons p 95 ISBN 9780745658414 Robert Paul 2004 The End of Oil The Decline of the Petroleum Economy and the Rise of a New Energy Order New York Houghton Mifflin Company pp 103 04 ISBN 978 0 618 23977 1 Boussena Sadek 1994 OPEC s Learning Process Energy Studies Review 6 1 61 72 doi 10 15173 esr v6i1 322 1979 oil shock meant recession for U S depression for autos Automotive News 2013 Retrieved August 29 2020 Cole Robert ed 1981 The Japanese Automotive Industry Model and Challenge for the Future University of Michigan Press doi 10 3998 mpub 18647 ISBN 978 0 939512 08 9 JSTOR 10 3998 mpub 18647 Cole Robert ed 1981 The Japanese Automotive Industry Model and Challenge for the Future University of Michigan Press doi 10 3998 mpub 18647 ISBN 978 0 939512 08 9 JSTOR 10 3998 mpub 18647 Truett Richard 2006 Smooth Transition AutoWeek Retrieved May 28 2007 World Bank 2022 Commodity Markets Outlook The Impact of the War in Ukraine on Commodity Markets April 2022 World Bank p 18 Further reading EditAmmann Daniel 2009 The King of Oil The Secret Lives of Marc Rich New York St Martin s Press ISBN 978 0 312 57074 3 Lesch David W 1979 The Year That Shaped The Modern Middle East 2001 excerpt Odell Peter R Oil and gas crises and controversies 1961 2000 2001 online Odell Peter R Oil and world power background to the oil crisis 1974 online Painter David S 2014 Oil and geopolitics The oil crises of the 1970s and the cold war Historical Social Research Historische Sozialforschung 2014 186 208 online Randall Stephen J United States foreign oil policy since World War I For profits and security Montreal McGill Queen s Press MQUP 2005 Yergin Daniel 1991 The Prize The Epic Quest for Oil Money and Power Simon amp Schuster ISBN 0 671 50248 4 Retrieved from https en wikipedia org w index php title 1979 oil crisis amp oldid 1149710640, wikipedia, wiki, book, books, library,

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