What is 1979 oil crisis?
{{Infobox historical event |Event_Name = 1979 oil crisis |Image_Name = Top Oil Producing Countries.png |Image_Caption = Graph of top oil-producing countries, showing drop in Iran's production<ref>{{cite web |date=November 2015 |title=Monthly Energy Review |url=http://www.eia.gov/totalenergy/data/monthly/pdf/mer.pdf |publisher=U.S. Energy Information Administration}}</ref> |AKA = Second oil crisis |Date = {{Start date|1979}}–{{End date|1980}} }} 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 ~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]].<ref>{{cite web |url=http://www.nacs50.com/decades/70s/ |title=1970s: Education |publisher=National Association of Convenience Stores}}</ref> ==References== {{reflist}} [[Category:1979]] [[Category:Economic history]] {{history-stub}}