1979 energy crisis

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1979 energy crisis

DbpediaThing

Artículo WikipediaFuente Dbpedia

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.