Search results
Results From The WOW.Com Content Network
A drop in oil production in the wake of the Iranian revolution led to an energy crisis in 1979. 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/m 3).
Ration stamps printed, but not used, as a result of the 1973 oil crisis. Rationing is the controlled distribution of scarce resources, goods, or services, or an artificial restriction of demand. Rationing controls the size of the ration, which is one person's allotted portion of the resources being distributed on a particular day or at a ...
World oil production per capita began a long-term decline after 1979. [4] The oil crises prompted the first shift towards energy-saving (in particular, fossil fuel-saving) technologies. [5] The major industrial centers of the world were forced to contend with escalating issues related to petroleum supply.
But then in 1979, it took off again, taking the price of goods and borrowing along with it. By the end of 1979, inflation was at 13%, and by 1980, interest rates for a car or home loan were around ...
January 20: Six exporting countries - Abu Dhabi, Iran, Iraq, Kuwait, Qatar and Saudi Arabia - conclude ten days of meetings with Western oil companies.An agreement is reached to raise the posted price of crude by 8.49 percent to offset the loss in value of oil concessions attributable to the decline in value of the U.S. dollar.
Some of the various factors that affected inflation during this period include continued stagflation from previous administrations, the 1979 oil crisis that led to huge spikes in gas prices, a ...
Newspaper clipping about carless days. Carless days was a petrol demand reduction scheme active in New Zealand from July 1979 to May 1980. [1] Introduced by the Third National Government of New Zealand, during the 1979 oil crisis, the scheme prohibited owners of private petrol-powered vehicles to drive on a self-designated day of the week.
In this Dec. 23, 1973, file photo, cars line up in two directions at a gas station in New York City. Right-on-red was a gas-savings tool during the 1970s oil crisis.