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- 1979_energy_crisis abstract "The 1979 (or second) oil crisis or oil shock occurred in the United States 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 than justified by supply. The price of crude oil rose 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.As with the 1973 crisis, global politics and power balance was impacted. OPEC lost influence. In 1980, following the outbreak of the Iran–Iraq War, oil production in Iran nearly stopped, and Iraq's oil production was severely cut as well. After 1980, oil prices began a 20-year decline, eventually reaching a 60 percent fall-off during the 1990s. Oil exporters such as Mexico, Nigeria, and Venezuela expanded production; the USSR became the top world producer; and North Sea and Alaskan oil flooded the market. A 1980's US recession was triggered. Oil prices did not return to pre-crisis levels until the mid-80's.".
- 1979_energy_crisis thumbnail Top_Oil_Producing_Counties.png?width=300.
- 1979_energy_crisis wikiPageID "264875".
- 1979_energy_crisis wikiPageRevisionID "643403197".
- 1979_energy_crisis aka "Second oil crisis".
- 1979_energy_crisis date "–".
- 1979_energy_crisis eventName "1979".
- 1979_energy_crisis hasPhotoCollection 1979_energy_crisis.
- 1979_energy_crisis imageAlt "Main oil-producing countries, 1960–2000".
- 1979_energy_crisis imageCaption "Graph of top oil-producing countries, showing drop in Iran's production".
- 1979_energy_crisis imageName "Top Oil Producing Counties.png".
- 1979_energy_crisis subject Category:1979_in_economics.
- 1979_energy_crisis subject Category:1979_in_international_relations.
- 1979_energy_crisis subject Category:Embargoes.
- 1979_energy_crisis subject Category:Energy_crises.
- 1979_energy_crisis subject Category:History_of_the_petroleum_industry.
- 1979_energy_crisis subject Category:Petroleum_economics.
- 1979_energy_crisis subject Category:Petroleum_politics.
- 1979_energy_crisis subject Category:Presidency_of_Jimmy_Carter.
- 1979_energy_crisis type Thing.
- 1979_energy_crisis comment "The 1979 (or second) oil crisis or oil shock occurred in the United States 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 than justified by supply.".
- 1979_energy_crisis label "1979 energy crisis".
- 1979_energy_crisis label "Crisi energetica (1979)".
- 1979_energy_crisis label "Crisis del petróleo de 1979".
- 1979_energy_crisis label "Deuxième choc pétrolier".
- 1979_energy_crisis label "Krisis energi 1979".
- 1979_energy_crisis label "Oliecrisis van 1979".
- 1979_energy_crisis seeAlso Iranian_Revolution.
- 1979_energy_crisis sameAs Crisis_del_petróleo_de_1979.
- 1979_energy_crisis sameAs Deuxième_choc_pétrolier.
- 1979_energy_crisis sameAs Krisis_energi_1979.
- 1979_energy_crisis sameAs Crisi_energetica_(1979).
- 1979_energy_crisis sameAs Oliecrisis_van_1979.
- 1979_energy_crisis sameAs m.01n7v7.
- 1979_energy_crisis sameAs Q1925730.
- 1979_energy_crisis sameAs Q1925730.
- 1979_energy_crisis wasDerivedFrom 1979_energy_crisis?oldid=643403197.
- 1979_energy_crisis depiction Top_Oil_Producing_Counties.png.
- 1979_energy_crisis isPrimaryTopicOf 1979_energy_crisis.