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During the Oil shock of 1979 Americans experienced Gas Shortages, leading to higher gas price.
What was the Oil Shock of 1979?
The 1979 oil crisis, also called as the Second Oil Crisis or 1979 Oil Shock , was an energy crisis basically caused by a drop or decrease in oil production in the rouse or wake of the Iranian Revolution.
Although the global oil supply only decreased by approximately 4%, the oil markets' reaction raised the price of the crude oil drastically over the next year, more than doubling it to $39.50 per barrel ($248/m3). The sudden spike or increase in price was connected with the gas shortages and long lines at the gas stations similar to the 1973 oil crisis.
What is meant by Gas Shortages?
Gas shortage is a deficiency or lack in the amount needed of the gas by a country, State or a region.
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