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.
 Graph of top oil-producing countries, showing drop in Iran's production[1] | |
| Date | 1979–1980 |
|---|---|
| Also known as | Second oil crisis |
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
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