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1979 Energy Crisis


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Quotes of the day:

Not all treasure is silver and gold, mate.

— Johnny Depp, Pirates of the Caribbean

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.

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