The 1979 (or second) oil crisis in the United States occurred in the wake of the Iranian Revolution. Amid massive protests, the Shah of Iran, Mohammad Reza Pahlavi, fled his country in early 1979, allowing Ayatollah Khomeini to gain control. The protests shattered the Iranian oil sector. While the new regime resumed oil exports, it [...]
Posts Tagged ‘oil crisis’
The 1979 oil crisis
Posted in 70's, Historical events, tagged oil crisis on February 16, 2008 | 1 Comment »
The 1973 oil crisis
Posted in 70's, Historical events, tagged oil crisis on February 16, 2008 | Leave a Comment »
The 1973 oil crisis began on October 17, 1973, when the members of Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of the Arab members of OPEC plus Egypt and Syria) announced, as a result of the ongoing Yom Kippur War, that they would no longer ship oil to nations that had supported Israel in [...]
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