1979 Oil Crisis

The Iranian Revolution set off the events that led to the 1979 energy crisis, causing supply disruptions and soaring oil prices. Crude oil prices nearly doubled within a year, reaching about $40 per barrel, and sparked panic buying. U.S. fiscal policies and regulatory actions restricted supply, worsening the crisis. David Horowitz discusses the impact of the oil crisis on consumers and what they can do about it during his appearance on The Merv Griffin Show in 1979. #oil #gas #iran #car #money