1979 world oil market chronology
Okay kiddo, so back in 1979, there was a really big problem with the world's oil market. You know how mommy and daddy's car needs gas to go, right? Well, almost everything in the world needs oil to work like planes, trucks, and factories.
Back then, there were a few big countries that controlled a lot of the world's oil, including Saudi Arabia and Iran. But then, some really bad things started happening.
First, in January, the Shah of Iran got kicked out of power and there was a big revolution. This made the people in charge of the oil in Iran very unhappy and they stopped giving their oil to other countries. So, there was a big shortage of oil all over the world.
Then, in the summer, things got worse. Some countries didn't like how America was helping Israel, so they stopped giving their oil to America. This caused even more of a shortage and made the prices of oil go up a lot. It's like when your favorite toy at the store is running out and the price goes up because everyone is trying to buy it.
This made things really hard for people and businesses because they needed oil to do things, but it was very expensive and hard to get. It also caused problems for countries because they rely on oil to make their own money.
Eventually, things got better and the oil started flowing again. But, it was a really big problem for a while and reminded everyone how important it is to have enough oil for the things we need in our lives.
Back then, there were a few big countries that controlled a lot of the world's oil, including Saudi Arabia and Iran. But then, some really bad things started happening.
First, in January, the Shah of Iran got kicked out of power and there was a big revolution. This made the people in charge of the oil in Iran very unhappy and they stopped giving their oil to other countries. So, there was a big shortage of oil all over the world.
Then, in the summer, things got worse. Some countries didn't like how America was helping Israel, so they stopped giving their oil to America. This caused even more of a shortage and made the prices of oil go up a lot. It's like when your favorite toy at the store is running out and the price goes up because everyone is trying to buy it.
This made things really hard for people and businesses because they needed oil to do things, but it was very expensive and hard to get. It also caused problems for countries because they rely on oil to make their own money.
Eventually, things got better and the oil started flowing again. But, it was a really big problem for a while and reminded everyone how important it is to have enough oil for the things we need in our lives.
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