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1979 oil crisis

From Wikipedia, the free encyclopedia

1979 oil crisis
Graph of top oil-producing countries, showing drop in Iran's production[1]
Date1979 (1979)–1980 (1980)
Also known asSecond oil crisis

A drop in oil production in the wake of the Iranian Revolution led to an energy crisis in 1979. Although the global oil supply only decreased by approximately four percent,[2] the oil markets' reaction raised the price of crude oil drastically over the next 12 months, more than doubling it to $39.50 per barrel ($248/m3). The sudden increase in price was connected with fuel shortages and long lines at gas stations similar to the 1973 oil crisis.[3]

In 1980, following the onset of the Iran–Iraq War, oil production in Iran fell drastically. Iraq's oil production also dropped significantly, triggering economic recessions worldwide. Oil prices did not return to pre-crisis levels until the mid-1980s.[4]

Oil prices after 1980 began a steady decline over the next 20 years, except for a brief uptick during the Gulf War, which then reached a 60% fall-off in the 1990s. Mexico, Nigeria, and Venezuela's major oil exporters expanded their production during this time. The Soviet Union became the largest oil producer in the world, and oil from the North Sea and Alaska flooded the market.

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Transcription

Hi, I’m John Green and this is Crash Course World History and today we’re talking about Iran. Oh, Mr. Green? Mr. Green? I know that country. It’s in the Middle East. It’s with Egypt. No, Me from the Past, we’re going to talk about Iran. Now, I used to be you so I remember when you would look at this part of the world and you would be like, “oh yeah, that’s a thing.” And in your case that “thing” extended more or less from I guess, like, western China to, like, uh, Poland. Then you’d make a bunch of broad generalizations about that area and no doubt use the terms Arab and Muslim interchangeably. But as usual Me From the Past the truth resists simplicity. So today we are going to talk about Iran and just Iran. Specifically, the 1979 Iranian Revolution. So the 1979 Iranian Revolution and its aftermath are often seen by detractors as the first step in the creation of an isolated, fundamentalist state that supports terrorism, and, you might be surprised to hear me say, that there is some truth to that interpretation. That said, the way you think about the Iranian Revolution depends a lot of which part of it you are looking at. And regardless, it’s very important because it represents a different kind of revolution from the ones that we usually talk about. So the 1979 uprisings were aimed at getting rid of the Pahlavi Dynasty, which sounds, like, impressive, but this dynasty had only had two kings, Reza Shah and Mohammed Reza Shah. Before the Pahlavis, Iran was ruled by the Qajar dynasty, and before that the Safavids. The Safavids and Qajars were responsible for two of the most important aspects of Iran: The Safavids made Shia Islam the official state religion in Iran, starting with Ismail I in 1501, and the Qajars gave the Muslim clergy – the ulema – political power. So most of the world’s Muslims are Sunnis but the Shia, or Shiites are an important sect that began very early on – around 680 CE and today form the majority of Muslims in Iran and Iraq. Now within both Sunni and Shia there are further divisions and many sects, but we’re just going to talk about, like, the historical difference between the two. Shia Muslims believe that Ali should’ve been the first Caliph, Sunni Muslims think that Abu Bakr, who was the first Caliph, was rightly chosen. Since that disagreement, there have been many others, many doctrinal differences but what’s more important is that from the very beginning, Shia Muslims saw themselves as the party of the oppressed standing up against the wealthy and powerful and harkening back to the social justice standard that was set by the prophet. And this connection between religious faith and social justice was extremely important to the Iranian Revolution in 1979 and also to previous revolutions in Iran. This is really crucial to understand because many historians argue that the Iranian revolution represents what the journalist Christian Caryl called an “odd fusion of Islam and late-twentieth century revolutionary politics.” But actually, in the scheme of Iranian history, its not so odd. Because 1979 was not Iran’s first revolution. The first major one was in 1906. It forced the ruling Qajars to accept a constitution. It created a parliament and supposedly some limits on the king, and made Shia Islam the official state religion, but it also protected the rights of minorities in Iran. It ultimately failed partly because the clergy withdrew their support, partly because the shah worked very actively against it, and maybe most importantly, because the Russians and the British worked to keep Persia weak so they could continue to try to dominate the region. Which reminds me that most people in Iran are not Arabs, they are Persian. And most people in Iran don’t speak Arabic, they speak Farsi, or as we often call it in English, Persian. So after WWI European rivalries really heated up because of the discovery of oil in the Middle East. The British established the Anglo Iranian Oil Company – which would later come to be known as BP. They also extracted a bunch of concessions from the Iranian government in addition to extracting lots of oil. And they helped to engineer a change in dynasty by supporting military commander Reza Khan in his coup in February 1921. Reza Khan became Reza Shah and then he attempted to turn Persia, which he re-named Iran in 1935, into a modern, secular, western-style state kind of like Turkey was under Ataturk. But Reza Shah is perhaps best remembered for his over the top dictatorial repression, which turned the clergy against him. Okay, so during World War II Reza Shah abdicated and his young son Mohammad Reza Shah became the leader of Iran. Which he remained, mostly, until 1979 when he definitely stopped being the leader of Iran. So after World War II, the British allowed greater popular participation in Iran’s government. The main party to benefit from this openness was Tudeh, the Iranian communist party. Mohammed Mosaddegh was elected prime minister in 1951 and led the parliament to nationalize Iran’s oil industry, and that was the end of the democratic experiment. Now most history books say that in 1953 the British and the CIA engineered a coup to remove Mosaddegh from office. And that is quite possibly true. It is definitely true that we tried to engineer a coup. It’s also true that Mosaddegh quit and fled Iran following demonstrations against him. But we also know that the Shia clergy encouraged those demonstrations. That’s a bit of a weird decision for the Clergy, considering that Shia Islam traditionally takes a radical stance against oppression. But it’s important to remember that Mosaddegh was supported by the Tudeh party and they were communists. Nationalization of the oil industry was one thing, but a further shift toward communism might mean appropriation of the land that supported the clergy, maybe even a rejection of religion altogether. So now we’ve seen two occasions where the Shia clergy support helped facilitate change. Right, in 1906 and again in 1953. So, let’s flash ahead to 1979. The Shah was definitely an autocrat, and he employed a ruthless secret police called the SAVAK to stifle dissent. In 1975, the Shah abolished Iran’s two political parties and replaced them with one party the Resurgence party. You’ll never guess who was resurging - the Shah. There was a huge round of censorship and arrests and torture of political prisoners signaling that autocracy was in Iran to stay. But before those events in 1975, say between 1962 and 1975, by most economic and social measures Iran saw huge improvements. In 1963, the Shah had tried to institute what he called a White Revolution – top-down modernization led by the monarchy, and in many ways he was successful, especially in improving industry and education. Oil revenues rose from $555 million in 1964 to $20 billion in 1976. And the Shah’s government invested a lot of that money in infrastructure and education. The population grew and infant mortality fell. A new professional middle class arose. But the White Revolution wasn’t universally popular. For instance, it was opposed by one particular Shia cleric - the Ayatollah Ruhollah Khomeini. Khomeini spoke out against the White Revolution from the religious center of Iran, Qom. One of his main complaints was that the reforms would grant more rights to women, including the right to vote, but he also attacked the government for, quote: “the rigging of elections and other constitutional abuses, neglect of the poor and the sale of oil to Israel.” And in general, Khomeini felt that a king’s power was inherently un-Islamic and that Shia tradition was to fight that power. That noted about Khomeini, the 1979 revolution didn’t start out to create an Islamic state. At first it was a pretty typical uprising by dissatisfied Iranians to overthrow a government that they perceived as corrupt and unresponsive to their needs. In spite of, or arguably because of, oil-fueled economic growth, many Iranians weren’t enjoying economic success. The universities were turning out more graduates than there were jobs and the mechanization of agriculture had the predictable result of displacing farmers who moved to cities. Especially the capital city of Tehran where there weren’t nearly enough jobs for the number of people. So, I think it’s unfair to say that a majority of the demonstrators who took to the streets in late 1978 were motivated by a fundamentalist vision of Islam. They were dissatisfied with economic inequality and political repression and a corrupt regime. So why do we generally remember the 1979 revolution as having been motivated by Shia Islam. Well, Let’s go to the Thought Bubble. So the initial demonstrations did begin after an Iranian newspaper on January 7, 1978 published an article that was critical of Khomeini. By the way, at the time he was living in Paris. These initial demonstrations were pretty small, but when the government police and army forces starting firing on demonstrators, killing some of them, the protests grew. Each time marchers protested against the violent treatment of demonstrators, the government would crack down, and their violent reaction would spur more demonstrations. There was also a lot of criticism of the west tied up in the revolution. According to one woman who participated: “American lifestyles had come to be imposed as an ideal, the ultimate goal. Americanism was the model. American popular culture – books, magazines, film – had swept over our country like a flood...We found ourselves wondering ‘Is there any room for our own culture?’” The Shah never understood why so many people were protesting against him; he thought that they were communists, or being supported by the British. He also thought that merely bringing prosperity would be enough to keep him in power. It wasn’t. On January 16, 1979 he left Iran. He eventually ended up in the U.S., which had unfortunate consequences for diplomatic relations between the U.S. and Iran. But the point here is that the first part of the Iranian revolution was relatively peaceful protests followed by a government crackdown, more protests that eventually led to the collapse of the monarchy, and that looks kind of familiar, especially if you’ve studied, like, the French or Russian or even the American Revolutions. And most historians argue these protests weren’t about Islam, but rather, “The discontent over living conditions, pay cuts, and the threat of unemployment fused with the general disillusionment and anger with the regime.” The government that eventually replaced the monarchy was the second, and in many ways much more revolutionary revolution. Thanks Thought Bubble. So the new Islamic Republic of Iran was based on Khomeini’s idea about what an Islamic government should be, a principle he called velayat-e faqih. Mainly it was that a sharia law scholar, would have ultimate authority, because he was more knowledgeable than anyone about law and justice. There would be a legislature and a president and a prime minister, but any of their decisions could be overturned by the supreme ruler who from 1979 until his death was Khomeini. Now, if democracy is only about holding elections, then the new Iran was a democracy. I mean, Iran has elections, both for president and for the parliament. And for the record, despite what Khomeini might have thought in the ‘60s, women can vote in Iran and they do. They also serve in the parliament and the president’s cabinet. And in the referendum on whether to create an Islamic Republic of Iran, the vast majority of Iranians in a free and open vote, voted “yes.” Now governance in Iran is extremely complicated, too complicated for one Crash Course video. But in once sense at least, Iran is definitely not a democracy. The ultimate authority, written into the constitution, is not the will of the people but god, who is represented by the supreme religious leader. And the actions of the Islamic Republic, especially in the early chaotic days of 1979 but also many times since, don’t conform to most ideas of effective democracy. Like one of the first things that Khomeini did to shore up his support was to create the Islamic Revolutionary Guards and Hezbollah to defend the revolution against coup attempts. Although initially there were opposition parties, their activities were curtailed by the new “revolutionary courts” that applied sharia law in a particularly harsh fashion. Like it’s estimated that by October 1979, several hundred people had been executed. And under the new constitution, Khomeini was given extensive power. I mean, he could appoint the heads of the armed services, and the Revolutionary Guard and the national TV and radio stations. He also approved the candidates for presidential elections and appointed six of the twelve members of the Guardian Council that approved legislation from the parliament before it became law. So structurally Iran’s government looked kind of like other governments, but as Michael Axworthy points out it was different because, quote, “above and beyond stood the faqih, with the power and the responsibility to intervene directly in the name of Islam; indeed with powers greater than those given to most monarchs in constitutional monarchies.” By 1979, Iran already had a long history of clerical involvement in protest and dynamic change, but it also had a long history of pushing for constitutions and liberty. The current end result is the Islamic Republic of Iran, but it’s worth remembering that both those threads of history are still part of Iranian life. Like we saw that in 2009 and 2010 with the so-called Green Revolution where there were huge protests after an Iranian election. Those protests involved young people arguing for more rights and liberties.. But they were also led by, and encouraged by, reformist Shia clerics. In the U.S. we mostly remember the 1979 Iranian Revolution for its burning of American flags and taking of hostages in the American Embassy. That belonged more to the second phase of the revolution, the chaotic period when the Islamic republic was being born. Life in the Islamic Republic of Iran remains highly repressive. I mean, for instance, Iran still executes a very high percentage of criminals. But it’s inaccurate to say that Iran is merely a dictatorship, or that it’s merely repressive. And one of the challenges for people in the West trying to understand Iran is that we have to disentangle the various aspects of the revolution rather than simply relying on the images that have defined it for us. I hope this episode can help a little. You can find more resources in the links below. Thanks for watching. Crash Course is filmed here in the Chad and Stacey Emigholz studio in Indianapolis and it’s made possible because of the hard worth of all of these people. Thank you for watching and as we say in my hometown, “don’t forget to be awesome.”

Iran

In November 1978, a strike consisting of 37,000 workers at Iran's nationalized oil refineries reduced production from 6 million barrels (950,000 m3) per day to about 1.5 million barrels (240,000 m3).[5] Foreign workers left the country. However, by bringing navy personnel into crude oil production operations, the government fixed short-term disruptions and by end of November the output came back to almost normal level.[6]

On January 16, 1979, the Shah of Iran, Mohammad Reza Pahlavi, and his wife, Farah Pahlavi, left Iran at the behest of Prime Minister Shapour Bakhtiar, who sought to calm the situation.[7] After the departure of the Shah, Ayatollah Khomeini became the new leader of Iran.

Effects

Other OPEC members

Fluctuations of OPEC net oil export revenues since 1972[8][9]

The rise in oil prices benefited a few members of the Organization of Petroleum-Exporting Countries (OPEC), which made record profits. Under the new Iranian government, oil exports later resumed but production was inconsistent and at a lower volume, further raising prices. Saudi Arabia and other OPEC nations, under the presidency of Mana Al Otaiba, increased production to offset most of the decline, and by early 1979 the overall loss in worldwide production was roughly four percent.[2]

The war between Iran and Iraq in 1980 caused a further 7 percent drop in worldwide production[10] and OPEC production was surpassed by other exporters such as the United States as its member nations were divided amongst themselves. Saudi Arabia, a "swing producer", tried to gain back the market share after 1985, increasing production and causing downward pressure on prices, making high-cost oil production facilities less profitable.

United States

Line at a gas station in Maryland, United States, June 15, 1979.

The oil crisis had a mixed impact on the United States. Some regions of the country are oil-producing regions, and other regions are oil-consuming. Richard Nixon had imposed price controls on domestic oil as a result of the 1973 oil crisis. Since then, gasoline price controls had been repealed, but those on domestic oil remained.

The Jimmy Carter administration began a phased deregulation of oil prices on April 5, 1979, when the average price of crude oil was US$15.85 per barrel ($100/m3). Starting with the Iranian revolution, the price of crude oil rose to $39.50 per barrel ($248/m3) over the next 12 months (its all-time highest real price until March 3, 2008).[11] Deregulating domestic oil price controls allowed U.S. oil output to rise sharply from the large Prudhoe Bay fields, while oil imports fell sharply.

Although not directly related, the near-disaster at Three Mile Island on March 28, 1979, also increased anxiety about energy policy and availability.[12] Due to memories of the oil shortage in 1973, motorists soon began panic buying, and long lines appeared at gas stations, as they had six years earlier.[13] The average vehicle of the time consumed between two and three liters (about 0.5–0.8 gallons) of gasoline an hour while idling, and it was estimated that Americans wasted up to 150,000 barrels (24,000 m3) of oil per day idling their engines in the lines at gas stations.[14]

Gas coupon printed but not issued during the 1979 energy crisis

The amount of oil sold in the United States in 1979 was only 3.5 percent less than the record set for oil sold the previous year.[15] A telephone poll of 1,600 American adults conducted by the Associated Press and NBC News and released in early May 1979 found that only 37 percent of Americans thought the energy shortages were real, nine percent were not sure, and 54 percent thought the energy shortages were a hoax.[16]

Many politicians proposed gas rationing. One such proponent was Harry Hughes, Governor of Maryland, who proposed odd-even rationing (only people with an odd-numbered license plate could purchase gas on an odd-numbered day), as was used during the 1973 Oil Crisis. Several states implemented odd-even gas rationing, including California, Pennsylvania, New York, New Jersey, Oregon, and Texas. Coupons for gasoline rationing were printed but were never actually used during the 1979 crisis.[17]

On July 15, 1979, President Carter outlined his plans to reduce oil imports and improve energy efficiency in his "Crisis of Confidence" speech (sometimes known as the "malaise" speech).[18] In the speech, Carter encouraged citizens to do what they could to reduce their use of energy. He had already installed water tank heating solar panels on the roof of the White House and a wood-burning stove in the living quarters. However, the panels were removed in 1986, reportedly for roof maintenance, during the administration of his successor, Ronald Reagan.[19]

A speech Carter gave in April 1977 argued the oil crisis was "the moral equivalent of war". In November 1979, Iranian revolutionaries seized the American Embassy, and Carter imposed an embargo on Iranian oil.[20] In January 1980, he issued the Carter Doctrine, declaring: "An attempt by any outside force to gain control of the Persian Gulf region will be regarded as an assault on the vital interests of the United States."[21] Additionally, as part of his administration's efforts at deregulation, Carter proposed removing price controls that had been imposed by the Richard Nixon administration before the 1973 crisis. Carter agreed to remove price controls in phases. They were finally dismantled in 1981 under Reagan.[22] Carter also said he would impose a windfall profit tax on oil companies.[23] While the regulated price of domestic oil was kept to $6 a barrel, the world market price was $30.[23]

In 1980, the U.S. government established the Synthetic Fuels Corporation to produce an alternative to imported fossil fuels.

When the price of West Texas Intermediate crude oil increased 250 percent between 1978 and 1980, the oil-producing areas of Texas, Oklahoma, Louisiana, Colorado, Wyoming, and Alaska began experiencing an economic boom and population inflows.[24]

According to one study, individuals who were between the ages of 15 and 18 during the 1979 oil crisis were substantially less likely to use cars once they were in their mid-30s.[25]

Other oil-consuming nations

In response to the high oil prices of the 1970s, industrial nations took steps to reduce their dependence on the Organization of Petroleum-Exporting Countries (OPEC) oil.[11] Electric utilities worldwide switched from oil to coal, natural gas, or nuclear power.[26] National governments initiated multibillion-dollar research programs to develop alternatives to oil[27][28] and commercial exploration developed major non-OPEC oilfields in Siberia, Alaska, North Sea, and the Gulf of Mexico.[29] By 1986, daily worldwide demand for oil dropped by 5 million barrels but, non-OPEC production rose by an even-larger amount.[30] Consequently, OPEC's market share reduced from 50 percent in 1979 to 29 percent in 1985.[31]

Automobile fuel economy

At the time, Detroit's "Big Three" automakers (Ford, Chrysler, GM) were marketing downsized full-sized automobiles like the Chevrolet Caprice, the Ford LTD Crown Victoria and the Dodge St. Regis which met the CAFE fuel economy mandates passed in 1978. Detroit's response to the growing popularity of imported compacts like the Toyota Corolla and the Volkswagen Rabbit was the Chevrolet Citation and the Ford Fairmont. Ford replaced the Ford Pinto with the Ford Escort and Chrysler, on the verge of bankruptcy, introduced the Dodge Aries K. GM was having unfavorable market reactions to the Citation and introduced the Chevrolet Corsica and Chevrolet Beretta in 1987 which sold better. GM also replaced the Chevrolet Monza, introducing the 1982 Chevrolet Cavalier which was better received. Ford experienced a similar market rejection of the Fairmont and introduced the front-wheel-drive Ford Tempo in 1984.[32]

Detroit was not well prepared for the sudden rise in fuel prices, and imported brands (primarily the Asian models, which were mass-marketed and had a lower manufacturing cost as opposed to British and West German brands). Moreover, the rising value of the Deutsche mark and British pound resulted in the transition to the rise of Japanese manufacturers as they were able to export their product from Japan at a lower cost, resulting in profitable gains (despite accusations of price dumping), and were now more widely available in North America and developing a loyal customer base.[33]

A year after the 1979 Iranian Revolution, Japanese manufacturers surpassed Detroit's production totals, becoming first in the world. Indeed, the share of Japanese cars in U.S. auto purchases rose from 9 percent in 1976 to 21 percent in 1980.[34] Japanese exports would later displace the automotive market once dominated by lower-tier European manufacturers (Renault, Fiat, Opel, Peugeot, MG, Triumph, Citroen). Some would declare bankruptcy (e.g. Triumph, Simca) or withdraw from the U.S. market, especially in the wake of grey market automobiles or the inability of the vehicle to meet DOT requirements (from emission requirements to automotive lighting). Many imported brands utilized fuel-saving technologies such as fuel injection and multi-valve engines over the common use of carburetors.[35] The overall fuel economy of cars in the United States increased from about 15 miles per US gallon (16 L/100 km; 18 mpg‑imp) in 1979 to 18 mpg‑US (13 L/100 km; 22 mpg‑imp) by 1985 and 20 mpg‑US (12 L/100 km; 24 mpg‑imp) by 1990.[36] This was one factor leading to the subsequent 1980s oil glut.

See also

References

  1. ^ "Monthly Energy Review" (PDF). U.S. Energy Information Administration. November 2015.
  2. ^ a b "Oil Squeeze". Time. February 5, 1979. Archived from the original on March 7, 2008. Retrieved January 27, 2008.
  3. ^ "1970s: Education". National Association of Convenience Stores.
  4. ^ "The History of Global Oil Production: 1980's Oil Production". Retrieved August 29, 2020.
  5. ^ "Another Crisis for the Shah". Time. November 13, 1978. Archived from the original on January 14, 2009. Retrieved December 5, 2009.
  6. ^ Brotons, Jean-Charles (2010). U.S. Officials and the Fall of the Shah: Some Safe Contraction Interpretations. Lexington Books. ISBN 978-0-7391-3340-8.
  7. ^ "1979: Shah of Iran flees into exile". BBC. January 16, 1979. Archived from the original on October 29, 2009. Retrieved December 5, 2009.
  8. ^ "OPEC Revenues Fact Sheet". US Energy Information Administration. January 10, 2006. Archived from the original on January 7, 2008.
  9. ^ "OPEC Revenues Fact Sheet". U.S. Energy Information Administration. June 14, 2016. Retrieved August 25, 2016.
  10. ^ Gross, Samantha (March 5, 2019). "What Iran's 1979 revolution meant for US and global oil markets". Brookings. Retrieved March 31, 2021.
  11. ^ a b Mouawad, Jad (March 3, 2008). "Oil Prices Pass Record Set in the '80s, but Then Recede". The New York Times. Retrieved April 20, 2010.
  12. ^ "Timeline of the accident at Three Mile Island", The Patriot-News (Central Pennsylvania), March 22, 2009. This is only indirectly related but is an additional source of anxiety about energy policy.
  13. ^ Powell, Robert E. (May 4, 2005). "The Oil Shocks of the 70s".
  14. ^ Leggett, Jeremy (2005). <i>Half Gone: Oil, Gas, Hot Air, and the Global Energy Crisis</i>. p. 150.
  15. ^ Sowell, Thomas (November 5, 2002). "Mondale's 'experience'". Jewish World Review. Archived from the original on October 6, 2008. Retrieved November 7, 2008.
  16. ^ Witt, Evans (May 4, 1979). "Energy crisis still doubted by public". Associated Press.
  17. ^ "Rationing Coupons Shredded". The New York Times. June 2, 1984. Retrieved January 27, 2008.
  18. ^ Carter, Jimmy (July 15, 1979). "Crisis of Confidence". The Carter Center. Retrieved July 27, 2008.
  19. ^ Wihbey, John (November 11, 2008). "Jimmy Carter's Solar Panels: A Lost History that Haunts Today". The Yale Forum on Climate Change & the Media. Retrieved November 1, 2009.
  20. ^ "Carter Imposes Oil Embargo During Hostage Crisis". The History Channel. Retrieved December 10, 2016.
  21. ^ Carter, Jimmy (January 23, 1980). "Third State of the Union Address". Jimmy Carter Presidential Library. Archived from the original on August 7, 2008. Retrieved July 27, 2008.
  22. ^ "Executive Order 12287 – Decontrol of Crude Oil and Refined Petroleum Products". January 28, 1981. Archived from the original on September 24, 2015. Retrieved January 27, 2008.
  23. ^ a b Thorndike, Joseph J. (November 10, 2005). "Historical Perspective: The Windfall Profit Tax – Career of a Concept". TaxHistory.org. Retrieved November 6, 2008.
  24. ^ "FDIC: U.S. Home Prices: Does Bust Always Follow Boom?". Archived from the original on April 30, 2010. Retrieved December 16, 2007.
  25. ^ Severen, Christopher; van Benthem, Arthur (2019). "Formative Experiences and the Price of Gasoline". Working Paper Series. doi:10.3386/w26091. hdl:10419/201983. S2CID 241675927. {{cite journal}}: Cite journal requires |journal= (help)
  26. ^ Toth, Ferenc L.; Rogner, Hans-Holger (January 2006). "Oil and nuclear power: Past, present, and future" (PDF). Energy Economics. 28 (1): 1–25. doi:10.1016/j.eneco.2005.03.004.
  27. ^ "Renewables in Global Energy Supply: An IEA Fact Sheet" (PDF). International Energy Agency. January 2007.
  28. ^ "Renewable Energy: World Invests $244 billion in 2012, Geographic Shift to Developing Countries" (Press release). United Nations Environment Programme. June 12, 2013. Archived from the original on March 4, 2016.
  29. ^ Bromley, Simon (2013). American Power and the Prospects for International Order. John Wiley & Sons. p. 95. ISBN 9780745658414.
  30. ^ Robert, Paul (2004). The End of Oil: The Decline of the Petroleum Economy and the Rise of a New Energy Order. New York: Houghton Mifflin Company. pp. 103–04. ISBN 978-0-618-23977-1.
  31. ^ Boussena, Sadek (1994). "OPEC's Learning Process". Energy Studies Review. 6 (1): 61–72. doi:10.15173/esr.v6i1.322.
  32. ^ "1979 oil shock meant recession for U.S., depression for autos". Automotive News. 2013. Retrieved August 29, 2020.
  33. ^ Cole, Robert, ed. (1981). The Japanese Automotive Industry: Model and Challenge for the Future?. University of Michigan Press. doi:10.3998/mpub.18647. ISBN 978-0-939512-08-9. JSTOR 10.3998/mpub.18647.
  34. ^ Cole, Robert, ed. (1981). The Japanese Automotive Industry: Model and Challenge for the Future?. University of Michigan Press. doi:10.3998/mpub.18647. ISBN 978-0-939512-08-9. JSTOR 10.3998/mpub.18647.
  35. ^ Truett, Richard (2006). "Smooth Transition". AutoWeek. Retrieved May 28, 2007.
  36. ^ World Bank (2022). Commodity Markets Outlook: The Impact of the War in Ukraine on Commodity Markets, April 2022. World Bank. p. 18.

Further reading

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