why during the 1970s did people have to wait like an hour to get gasoline in their cars? and why in 2008 it was like $ 5 a gallon?
how long this lasted too btw? (meaning in the 1970s )..I know that during the 2008 year it only was like 3 months? that it lasted? why? strange?
- JosephLv 72 months agoFavorite Answer
Organisation of Petroleum Producing Countries instituted an oil embargo against the United States and Western European countries that supported Israel during the Yom Kippur War. The embargo lasted from October 1973 until March 1974. Back then the US was heavily dependent of the Middle East oil and crude oil supply disruption caused gasoline shortages and rationing.
Then in 1979 Ayatollah Khomeini-led revolution in Iran, then a major supplier of oil to the US, overthrew the Shah. With the oil supply curtailed once again, the gasoline shortages and long lines re-appeared.
These supply disruptions caused the US and other industrialized countries to re-examine their energy use. Governments instituted the fuel economy standards, mandated the use of energy efficient appliances, and promoted alternate sources of energy. Between 1980 and 2014 while the US real Gross Domestic Product rose 150%, the US oil consumption rose only 11%.
As the economy expanded world-wide from 2003 to 2008, high energy demand and tensions in the Middle East, oil facilities damage due to Hurricane Katrina, 2006 Israel-Lebanon conflict, sanctions on Iran for pursuing a nuclear program, increasing oil demand from China, and North Korean missile tests drove the price of oil from around $25 a barrel in 2003 to the high of over $147 in July 2008. The onset of the Great Recession in the fall of 2008 then drove the prices down to $32 per barrel by December of that year.
- ProfGene.TogolotLv 72 months ago
That only happened a few times when OPEC reduced the oil production to the point there were shortages.
- Chris AncorLv 72 months ago
I've never found any of that.