1970s energy crisis

Global oil shortage due to geopolitics 1970s energy crisis Nominalrealoilprices1968-2006.png Real and nominal price of oil, 1968–2006.http://www.eia.gov/totalenergy/data/annual/archive/038406.pdf Annual Energy Review 2006, Figure 5.21 U.S. Energy Information Administration, Department of Energy June 2007 30 May 2016 1970s oil crisis 1973–1980 The 1970s energy crisis occurred when the Western world, particularly the United States, Canada, Western Europe, Australia, and New Zealand, experienced substantial petroleum shortages as well as elevated prices. The two worst crises of this period were the 1973 oil crisis and the 1979 oil crisis, when, respectively, the Yom Kippur War and the Iranian Revolution triggered interruptions in Middle Eastern oil exports.Oil Squeeze http://www.time.com/time/magazine/article/0,9171,946222,00.html Time 1979-02-05 7 September 2013 https://web.archive.org/web/20080307085655/http://www.time.com/time/magazine/article/0%2C9171%2C946222%2C00.html 7 March 2008 dead The crisis began to unfold as petroleum production in the United States{{cite web first=B. Alex. |last=Beasley |url=https://energyhistory.yale.edu/the-oil-shocks-of-the-1970s/ |title=Overview: The Oil Shocks of the 1970s |publisher=Energy History Online, Yale University |date=2023 |access-date=2026-07-31 }} and some other parts of the world peaked in the late 1960s and early 1970s. http://www.hubbertpeak.com/hubbert/1956/1956.pdf Nuclear Energy and the Fossil Fuels 'Drilling and Production Practice' Hubbert Marion King M. King Hubbert Spring Meeting of the Southern District. Division of Production. American Petroleum Institute Shell Development Company San Antonio, Texas 22–27 June 1956 2008-04-18 https://web.archive.org/web/20080527233843/http://www.hubbertpeak.com/hubbert/1956/1956.pdf 2008-05-27 dead World oil production per capita began a long-term decline after 1979. Duncan Richard C November 2001 The Peak of World Oil Production and the Road to the Olduvai Gorge Population and Environment 1573-7810 22 5 503–22 10.1023/A:1010793021451 150522386 http://dieoff.org/page224.htm 2009-07-11 https://web.archive.org/web/20090624150658/http://dieoff.org/page224.htm 2009-06-24 dead subscription The oil crises prompted the first shift towards energy-saving (in particular, fossil fuel-saving) technologies.Hassler John Krusell Per Olovsson Conny 2021 Directed Technical Change as a Response to Natural Resource Scarcity https://www.journals.uchicago.edu/doi/10.1086/715849 Journal of Political Economy 129 11 3039–3072 10.1086/715849 0022-3808 10419/215453 199428841 free subscription The major industrial centers of the world were forced to contend with escalating issues related to petroleum supply. Western countries relied on the resources of countries in the Middle East and other parts of the world. The crisis led to stagnant economic growth in many countries as oil prices surged. Essays on the Causes and Dynamic Effects of Oil Price Shocks Mohammed, Mikidadu University of Utah 2017 https://scholar.google.com/citations?user=3oKE5kgAAAAJ 27 January 2020 Although there were genuine concerns with supply, part of the run-up in prices resulted from the perception of a crisis. The combination of stagnant growth and price inflation during this era led to the coinage of the term stagflation. Macroeconomics: Canadian Edition Updated 270 Mankiw, N. Gregory Scarth William M. Worth Publishers New York 978-0-7167-5928-7 2003 https://books.google.com/books?id=3yi2gZl4hWgC 13 November 2009 By the 1980s, both the recessions of the 1970s and adjustments in local economies to become more efficient in petroleum usage, controlled demand sufficiently for petroleum prices worldwide to return to more sustainable levels. The period was not uniformly negative for all economies. Petroleum-rich countries in the Middle East benefited from increased prices and the slowing production in other areas of the world. Some other countries, such as Norway, Mexico, and Venezuela, benefited as well. In the United States, Texas and Alaska, as well as some other oil-producing areas, experienced major economic booms due to soaring oil prices even as most of the rest of the nation struggled with the stagnant economy. Many of these economic gains, however, came to a halt as prices stabilized and dropped in the 1980s. Key periods Arab-Israeli conflict Conflict between Arabs and Israelis in the Middle East has existed since Israel's declaration of independence in 1948, including a number of wars. The 1956 Suez Crisis, also known as the Second Arab–Israeli war, was sparked when Israel's southern port of Eilat was blocked by Egypt, which also nationalized the Suez Canal belonging to Anglo-French investors. One of the objectives of the Anglo-French-Israeli invasion was the removal of President Gamal Abdel Nasser who was aligning with the Soviet Union.https://www.aljazeera.com/news/2008/2/29/the-1956-suez-war The 1956 Suez War The Six-Day War of 1967 included an Israeli invasion of the Egyptian Sinai Peninsula, which resulted in Egypt's closure of the Suez Canal for eight years after Israel occupied the Sinai Peninsula. The canal was cleared in 1974 and opened again in 1975https://peacemaker.un.org/egyptisrael-interimagreement75 Interim Agreement between Israel and Egypt (Sinai II) | UN Peacemaker after the 1973 Yom Kippur War, when Egypt tried and failed to take back the Sinai Peninsula.https://historyofyesterday.com/the-8-year-long-blockage-of-the-suez-canal-7ccec77bd907 The 8 Year Long Blockage of the Suez Canal April 7, 2021 https://www.history.com/topics/middle-east/six-day-war Six-Day War 5 June 2023 OAPEC countries cut production of oil and placed an embargo on oil exports to the United States after Richard Nixon requested $2.2 billion to support Israel in the war after learning that the Soviet Union, was aiding Syria and Egypt in the war. Nevertheless, the embargo lasted only until January 1974, though the price of oil remained high afterwards.https://www.federalreservehistory.org/essays/oil-shock-of-1973-74 Oil Shock of 1973–74 | Federal Reserve History Production peaks around 1970 Peak oil thumb|United States oil production and imports, showing a production peak in 1970 The real price of petroleum was stable in the 1970 timeframe, but there had been a sharp increase in American imports, putting a strain on American balance of trade, alongside other developed nations. During the 1960s, petroleum production in some of the world's top producers with extraction technology at the time began to peak. West Germany reached its production peak in 1966, Venezuela and the United States in 1970, and Iran in 1974.Petroleum Overview, 1949–2008 http://www.eia.doe.gov/emeu/aer/txt/stb0501.xls U.S. Department of Energy 2 October 2009 https://web.archive.org/web/20091003045505/http://www.eia.doe.gov/emeu/aer/txt/stb0501.xls 3 October 2009 livehttp://abc.net.au/4corners/special_eds/20060710/ ABC TV's Four Corners Australian Broadcasting Company 2 October 2009 https://web.archive.org/web/20091014133913/http://www.abc.net.au/4corners/special_eds/20060710/ 14 October 2009 live Canada's conventional oil production peaked around the same time (though non-conventional production later helped revive Canadian production to some degree).http://www.energiekrise.de/e/documents/2003/International-Summer-School-Salzburg-2002.pdf Future world oil supply 11 L-B-Systemtechnik January 2003 Zittel, Werner Schindler, Jörg 2 November 2009 dead https://web.archive.org/web/20110718235517/http://www.energiekrise.de/e/documents/2003/International-Summer-School-Salzburg-2002.pdf July 18, 2011 The worldwide production per capita peaked soon afterward. Although production in other parts of the world was increasing, the peaks in these regions began to put substantial upward pressure on world oil prices. Equally as important, control of the oil supply became an increasingly important problem as countries like West Germany and the U.S. became increasingly dependent on foreign suppliers for this key resource.Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA) https://www.eia.gov/tools/faqs/faq.php 2024-05-13 www.eia.gov 1973 oil crisis 1973 oil crisis The 1973 oil crisis was a direct consequence of the U.S production peak in late 1960 and the beginning of 1971 (and shortages, especially for heating oil, started from there). The "embargo" as described below is the "practical name" given to the crisis. The main Arab producers claimed that the "embargo" was in support of Egypt in its bid to reclaim its territory in Sinai and Gaza. In reality, the main Arab producers wanted to punish the U.S for re-supplying Israel with weapons during the Yom Kippur War, in response to the Soviet Union re-supplying Syria and Egypt with weapons. The embargo had a minimal effect on oil imports as there were few embargoing countries, as well as few embargo targets.Maugeri, Leonardo. The Age of Oil: The Mythology, History, and Future of the World's Most Controversial Resource. p. 113 The embargo was never effective from Saudi Arabia towards the US, as reported by James E. Akins in interview at 24:10 in the documentary "la face cachée du pétrole part 2".http://www.dailymotion.com/video/xj4eum_la-face-cachee-du-petrole-arte-2-2_news?search_algo=2 The hidden face of oil 5 June 2011 Akins, who audited US capacity for Nixon after US peak, was US ambassador in Saudi Arabia at that time. Lawrence Rocks and Richard Runyon captured the unfolding of these events at the time in The Energy Crisis book. Smith William D. 17 April 1973 Energy Crisis: Shortages Amid Plenty https://www.nytimes.com/1973/04/17/archives/energy-crisis-shortages-amid-plenty-energy-crisis-paradox-of.html The New York Times New York 5 September 2016 Welles Chris 25 February 1973 The Energy Crisis https://www.nytimes.com/1973/02/25/archives/the-energy-crisis-the-struggle-to-monopolize-the-worlds-energy.html The New York Times New York 5 September 2016 In October 1973, the members of Organization of Arab Petroleum Exporting Countries or the OAPEC (consisting of the Arab members of OPEC) proclaimed an oil embargo "in response to the U.S. decision to re-supply the Israeli military" during the Yom Kippur war, after the Soviet Union re-supplied Egypt, and Syria; it lasted until March 1974.Oil Embargo, 1973–1974, at US State Department OAPEC declared it would limit or stop oil shipments to the United States and other countries if they supported Israel in the conflict. With the US actions seen as initiating the oil embargo, the long-term possibility of embargo-related high oil prices, disrupted supply and recession, created a strong rift within NATO; both European countries and Japan sought to disassociate themselves from the US Middle East policy. Arab oil producers had also linked the end of the embargo with successful US efforts to create peace in the Middle East, which complicated the situation. To address these developments, the Nixon Administration began parallel negotiations with both Arab oil producers to end the embargo, and with Egypt, Syria, and Israel to arrange an Israeli pull back from the Sinai and the Golan Heights after the fighting stopped. By January 18, 1974, Secretary of State Henry Kissinger had negotiated an Israeli troop withdrawal from parts of the Sinai. The promise of a negotiated settlement between Israel and Syria was sufficient to convince Arab oil producers to lift the embargo in March 1974. By May, Israel agreed to withdraw from parts of the Golan Heights close to the Syrian border. thumb|left|400px|Graph of oil prices from 1861 to 2007, showing a sharp increase in 1973, and again in 1979. The orange line is adjusted for inflation. Independently, the OPEC members agreed to use their leverage over the world price-setting mechanism for oil to stabilize their real incomes by raising world oil prices. This action followed several years of steep income declines after the recent failure of negotiations with the major Western oil companies earlier in the month.March 2026 For the most part, industrialized economies relied on crude oil,CGEP Columbia 2023-10-16 The 1973 Oil Crisis: Three Crises in One—and the Lessons for Today https://www.energypolicy.columbia.edu/publications/the-1973-oil-crisis-three-crises-in-one-and-the-lessons-for-today/ 2026-03-19 Center on Global Energy Policy at Columbia University SIPA CGEP en and OPEC was a major supplier. Petroleum, an Energy Profile, 1999 United States. Energy Information Administration. Office of Oil and Gas Energy Information Administration 1999 9781428918757 1999 47 Because of the dramatic inflation experienced during this period, a popular economic theory has been that these price increases were to blame, as being suppressive of economic activity. However, the causality stated by this theory is often questioned.Barsky Robert B. Lutz Kilian Oil and the Macroeconomy since the 1970s Journal of Economic Perspectives 2004 18 4 115–134 10.1257/0895330042632708 http://www.nber.org/papers/w10855.pdf The targeted countries responded with a wide variety of new, and mostly permanent, initiatives to contain their further dependency. The 1973 "oil price shock", along with the 1973–1974 stock market crash, have been regarded as the first event since the Great Depression to have a persistent economic effect.Perron, P. University, Princeton Program, Econometric Research 1988 The Great Crash, the Oil Price Shock and the Unit Root Hypothesis http://www.princeton.edu/~erp/ERParchives/archivepdfs/M338.pdf Econometric Research Program, Princeton University Princeton, NJ 15 November 2009 dead https://web.archive.org/web/20121015154333/http://www.princeton.edu/~erp/ERParchives/archivepdfs/M338.pdf 15 October 2012 1979 energy crisis 1979 oil crisis thumb|150px|Production in top countries by year (million barrels per day)http://www.eia.gov/totalenergy/data/monthly/archive/00351604.pdf Monthly Energy Review, April 2016, Figure 11.1a U.S. Department of Energy 26 April 2016 30 May 2016 A crisis emerged in the United States in 1979 during the wake of the Iranian Revolution. Amid massive protests, the Shah of Iran, Mohammad Reza Pahlavi, fled his country in early 1979, allowing the Ayatollah Khomeini to gain control. The protests shattered the Iranian oil sector. While the new regime resumed oil exports, it was inconsistent and at a lower volume, forcing prices to go up. Saudi Arabia and other OPEC nations, under the presidency of Dr. Mana Alotaiba increased production to offset the decline, and the overall loss in production was about 4 percent.Oil Squeeze http://www.time.com/time/magazine/article/0,9171,946222,00.html Time 1979-02-05 1 November 2009 https://web.archive.org/web/20091201015034/http://www.time.com/time/magazine/article/0%2C9171%2C946222%2C00.html 1 December 2009 dead However, a widespread panic resulted, driving the price far higher than would be expected under normal circumstances. In 1980, following the Iraqi invasion of Iran, oil production in Iran nearly stopped, and Iraq's oil production was severely cut as well. Afterwards, oil prices began a decline as other countries began to fill the production shortfalls from Iran and Iraq. 1980s oil glut 1980s oil glut thumb|Cars line up for gas during the 1979 Oil Crisis The 1973 and 1979 energy crisis had caused petroleum prices to peak in 1980 at over US$35 per barrel (US 35 1980 eq US$ dollars). Following these events slowing industrial economies and stabilization of supply and demand caused prices to begin falling in the 1980s.Oil Prices Pass Record Set in '80s, but Then Recede 2008-03-08 https://www.nytimes.com/2008/03/03/business/worldbusiness/03cnd-oil.html The New York Times Jad Mouawad 2010-04-20 The glut began in the early 1980s as a result of slowed economic activity in industrial countries (due to the 1973 and 1979 energy crises) and the energy conservation spurred by high fuel prices.Oil Glut, Price Cuts: How Long Will They Last? U.S. News & World Report 1980-08-18 89 7 44 The inflation adjusted real 2021 dollar value of oil fell from an average of $105 per barrel in 1981 to an average of $36 in 1986.Table 11.05 - Prices for a Barrel of Crude Oil and a Gallon of Gasoline, 1978-2021 https://tedb.ornl.gov/wp-content/uploads/2022/06/Table11_05_06012022.xlsx Transportation Energy Data Book: Edition 40 Oak Ridge National Laboratory 12 July 2026 2022 In June 1981, The New York Times stated an "Oil glut! ... is here"How the oil glut is changing business New York Times 1981-06-21 https://select.nytimes.com/gst/abstract.html?res=F40D1EFA3B5C0C728EDDAF0894D9484D81 Robert D Hershey Jr. 1 November 2009 and Time Magazine stated: "the world temporarily floats in a glut of oil", Problems for Oil Producers Time 1981-06-22 http://www.time.com/time/printout/0,8816,950550,00.html https://archive.today/20130105001239/http://www.time.com/time/printout/0,8816,950550,00.html dead January 5, 2013 Christopher Byron 1 November 2009 though the next week a New York Times article warned that the word "glut" was misleading, and that in reality, while temporary surpluses had brought down prices somewhat, prices were still well above pre-energy crisis levels.The Energy Outlook; Lulled to Sleep by the Oil Glut Mirage New York Times 1981-06-28 Section 3; Page 2, Column 3 Daniel Yergin This sentiment was echoed in November 1981, when the CEO of Exxon also characterized the glut as a temporary surplus, and that the word "glut" was an example of "our American penchant for exaggerated language". He wrote that the main cause of the glut was declining consumption. In the United States, Europe and Japan, oil consumption had fallen 13% from 1979 to 1981, due to "in part, in reaction to the very large increases in oil prices by the Organization of Petroleum Exporting Countries and other oil exporters", continuing a trend begun during the 1973 price increases. Oil & Gas Journal November 9, 1981 The oil glut in perspective C. C. Garvin Jr. Annual API Issue 151 After 1980, reduced demand and overproduction produced a glut on the world market, causing a six-year-long decline in oil prices culminating with a 46 percent price drop in 1986. Effects Recession 1973–1975 recession right|In the parlance of recession shapes, the Recession of 1973–75 in the United States could be considered a U-shaped recession, because of its prolonged period of weak growth and contraction. http://www.thebigmoney.com/articles/oexplainer/2009/01/12/recession-was-brought-you-letters-u-v-and-l This Recession Was Brought to You by the Letters U, V and L Martha C. White January 12, 2009 The Big Money 2 November 2009#4682B4 Percent change from preceding period in real gross domestic product (annualized; seasonally adjusted) 1px solid #aaa#800000 Average GDP growth 1947–2009 1px solid #aaaSource: Bureau of Economic Analysis|thumb|300px The U.S. reported negative economic growth during the 1970s and remained weak till the 1980s as the post World War II economic boom drew to a close. Other causes that contributed to the recession included the Vietnam War, which turned out costly for the United States and the fall of the Bretton Woods system. The emergence of newly industrialized countries rose competition in the metal industry, triggering a steel crisis, where industrial core areas in North America and Europe were forced to re-structure. The 1973–1974 stock market crash made the recession evident. According to the National Bureau of Economic Research, the U.S. economy slid into a recession in 1973–75.2008-10-01 http://www.nber.org/cycles.html/ NBER Business Cycle Expansions and Contractions NBER https://web.archive.org/web/20070705190514/http://www.nber.org/cycles.html 2007-07-05 dead Inflation levels remained high even when an economic expansion took place afterwards. During this recession, the Gross Domestic Product of the United States fell 3.2%. Although the recession ended in March 1975, the unemployment rate did not peak for several months. In May 1975, the rate reached its height for the cycle of 9%.Labor Force Statistics from the Current Population Survey, Bureau of Labor Statistics. Retrieved on September 19, 2009 The recession also lasted from 1973 to 1975 in the United Kingdom. The GDP declined by 3.9%http://www.bankofengland.co.uk/publications/inflationreport/ir09feb.pdf Bank of England February 2009 Quarterly inflation report 2009-11-02 https://web.archive.org/web/20091115151118/http://www.bankofengland.co.uk/publications/inflationreport/ir09feb.pdf 2009-11-15 dead Office for National Statistics, IHYQ series, Gross Domestic Product: Quarter on Quarter growth: CVM SA, Seasonally adjusted, Constant 2003 prices, Updated on 23/ 1/2009, retrieved on 17 February 2009 https://web.archive.org/web/20060405072006/http://www.statistics.gov.uk/ 5 April 2006 or 3.37%ONS GDP ABMI series depending on the source. It took 14 quarters for the UK's GDP to recover to that at the start of recession. Emergence of new oil producers High oil prices in the 1970s induced investment in oil production by non-OPEC countries, particularly for reserves with a higher cost of production.World Bank Commodity Markets Outlook: The Impact of the War in Ukraine on Commodity Markets, April 2022 https://openknowledge.worldbank.org/bitstream/handle/10986/37223/CMO-April-2022.pdfMcNally Robert http://cup.columbia.edu/book/crude-volatility/9780231178143 Crude Volatility: The History and the Future of Boom-Bust Oil Prices January 2017 Columbia University Press 978-0-231-54368-2 These included Prudhoe Bay in Alaska, the North Sea offshore fields of the United Kingdom and Norway, the Cantarell offshore field of Mexico, and oil sands in Canada.Szabo J. D. Meyers K. O. All Days 1993-05-26 Prudhoe Bay: Development History and Future Potential SPE-26053-MS https://onepetro.org/SPEWRM/proceedings/93WRM/All-93WRM/SPE-26053-MS/54943 en OnePetro 10.2118/26053-MSCommodity Markets: Evolution, Challenges, and Policies https://openknowledge.worldbank.org/bitstream/handle/10986/37404/Commodity-Markets.pdf 2022-05-13 World Bank enLimón-Hernández T. De-la-Fuente G. Garza-Ponce G. Monroy-Hernandez M. All Days 1999-05-03 Overview of the Cantarell Field Development Program OTC-10860-MS https://onepetro.org/OTCONF/proceedings/99OTC/All-99OTC/OTC-10860-MS/39558 en OnePetro 10.4043/10860-MS Strategic petroleum reserves Global strategic petroleum reserves thumb|350px|right|United States Strategic Petroleum Reserve Weekly data points since 1982 #8A021F #770119 Barrels of oil As a result of the 1973 crisis many nations created strategic petroleum reserves (SPRs), crude oil inventories (or stockpiles) held by the governments of particular countries or private industry, for the purpose of providing economic and national security during an energy crisis. The International Energy Agency (IEA) was formed in the wake of this crisis and currently comprises 31 member countries.CO2 Emissions from Fuel Combustion: 2014 Ed 2014 2219-9446 10.1787/co2_fuel-2014-en International Energy Agency February 28, 2019 https://www.oecd-ilibrary.org/energy/co2-emissions-from-fuel-combustion-2014_co2_fuel-2014-en 9789264217096International Energy Agency 12 May 2022 Oil Stocks of IEA Countries https://www.iea.org/articles/oil-stocks-of-iea-countries 16 May 2022 IEA According to the IEA, approximately 4.1 Goilbbl m3 of oil are held in strategic reserves by the member countries, of which 1.4 Goilbbl m3 is government-controlled. The remainder is held by private industry. Fact Sheet on IEA Oil Stocks and Emergency Response Potential International Energy Agency 2004-01-01 http://www.iea.org/textbase/papers/2004/factsheetcover.pdf 7 November 2009 https://web.archive.org/web/20090325102507/http://www.iea.org/textbase/papers/2004/factsheetcover.pdf 2009-03-25 dead These reserves are intended to be equivalent to at least 90 days of net imports. At the moment the U.S. Strategic Petroleum Reserve is one of the largest government-owned reserves, with a capacity of up to 713.5 Moilbbl m3.Office of Petroleum Reserves http://energy.gov/fe/services/petroleum-reserves US Department of Energy February 28, 2019 Recently, other non-IEA countries have begun creating their own strategic petroleum reserves, with China being the second largest overall and the largest non-IEA country.Upadhyay Rakesh March 29, 2017 The 5 Biggest Strategic Petroleum Reserves In The World https://oilprice.com/Energy/Energy-General/The-5-Biggest-Strategic-Petroleum-Reserves-In-The-World.html February 28, 2019 Middle East Arab–Israeli conflict Since Israel's declaration of independence in 1948 this state has found itself in nearly continual conflict with the Arab world and some other predominantly Muslim countries. The animosity between the Arabs and the Israelis became a global issue during the 1970s. The Yom Kippur War of 1973, with the supplying of Israel by its Western allies while some Arab states received Soviet supplies, made this one of the most internationally threatening confrontations of the period. The large oil discoveries in the Middle East gave some Muslim countries unique leverage in the world, beginning in the 1960s. The 1973 and 1979 crises, in particular, were demonstrations of the new power that these countries had found. The United States and other countries were forced to become more involved in the conflicts between these states and Israel. OPEC OPEC One of the first challenges OPEC faced in the 1970s was the United States' unilaterally pulling out of the Bretton Woods Accord and taking the U.S. off the established Gold Exchange Standard in 1971. The change resulted in instability in world currencies and depreciation of the value of the U.S. dollar, as well as other currencies. The revenues of OPEC also took a hit since they priced oil in dollars. Finally OPEC started pricing oil against gold to combat the situation.Hammes, David Wills, Douglas. Black Gold: The End of Bretton Woods and the Oil-Price Shocks of the 1970s The Independent Review IX 4 Spring 2005 501–11 http://www.independent.org/publications/tir/article.asp?a=518 3 November 2009 But OPEC still struggled to maintain stability in the region as the negotiations between them and other Western oil companies bore little to no positive results. "Oil Patch" The major oil-producing regions of the U.S.—Texas, Oklahoma, Louisiana, Colorado, Wyoming, and Alaska—benefited greatly from the price inflation of the 1970s as did the U.S. oil industry in general. Oil prices generally increased throughout the decade; between 1978 and 1980 the price of West Texas Intermediate crude oil increased 250 percent.http://www.fdic.gov/bank/analytical/fyi/2005/021005fyi.html U.S. Home Prices: Does Bust Always Follow Boom? 8 April 2005 Federal Deposit Insurance Corporation Angell, Cynthia Williams, Norman 8 November 2009 https://web.archive.org/web/20100430055452/http://www.fdic.gov/bank/analytical/fyi/2005/021005fyi.html 2010-04-30 dead Although all states felt the effects of the stock market crash and related national economic problems, the economic benefits of increased oil revenue in the Oil Patch states generally offset much of this. See also Energy Energy crisis 1973–1975 recession 1970–1979 world oil market chronology 1980s oil glut 1990 oil price shock 2020s commodities boom 2026 Strait of Hormuz crisis 2026 Iran war fuel crisis Hubbert peak theory International Energy Forum References Energy crisis Category:Carter administration controversies Category:Energy crises Category:Ford administration controversies Category:Gold standard Category:Nixon administration controversies Category:Petroleum politics Category:Presidency of Jimmy Carter Category:Presidency of Gerald Ford Category:Presidency of Richard Nixon Category:First premiership of Pierre Trudeau Category:Global economic crises Category:Foreign policy of the Carter administration