What was the 1979 Energy Crisis?
By SanJarvis Ind
The 1979 energy crisis, the second of two oil price shocks in the '70s,
resulted in a widespread panic about potential gasoline shortages, and
far higher prices for both crude oil and refined products. Oil output
declined by only 7% or less, but the short-term supply disruption led to
a spike in prices, panic buying, and long lines at gas stations.
LOOK AT A GLANCE
---The energy crisis of 1979 was one of two oil price shocks during the
1970s—the other was in 1973.
---Higher prices and concerns about supplies led to panic buying in the
gasoline market.
---Crude oil prices nearly doubled to almost $40 per barrel in twelve
months.
---The energy crisis of 1979 led to the development of smaller, more
fuel-efficient vehicles.
By SanJarvis Ind
The 1979 energy crisis, the second of two oil price shocks in the '70s,
resulted in a widespread panic about potential gasoline shortages, and
far higher prices for both crude oil and refined products. Oil output
declined by only 7% or less, but the short-term supply disruption led to
a spike in prices, panic buying, and long lines at gas stations.
LOOK AT A GLANCE
---The energy crisis of 1979 was one of two oil price shocks during the
1970s—the other was in 1973.
---Higher prices and concerns about supplies led to panic buying in the
gasoline market.
---Crude oil prices nearly doubled to almost $40 per barrel in twelve
months.
---The energy crisis of 1979 led to the development of smaller, more
fuel-efficient vehicles.
