How did the 1979 energy crisis affect gas prices?

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.

What was the 1979 energy crisis?

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.

What caused the second oil crisis in 1979?

THE UNITED STATES experienced the second petroleum crisis of the decade in 1979. American consumers were told that the cause of the crisis was a decline in Iranian oil production from 5.8 million barrels a day (mmbd) in July 1978 to 445,000 barrels a day (mbd) in January 1979.