Past in Perspective
It has never been more imperative that the oil importing nations join together to develop new and alternative sources of energy…I would like to see the day when we turn to these countries and say “We don’t need you oil, thank you”
–Williamson S. Stuckey, Jr
In 1979, and energy crisis hit the world. The crisis was triggered by the Iranian revolution which resulted in the ouster of Reza Shah Pehalvi. The Iranian monarch fled the country and the leadership role was filled by Khomeini. During this period the production of oil from Iran fell to zero. The opportunity was fully exploited by OPEC countries and on 15th December, Saudi Arabia increased the price of oil to $24 per barrel from $18. This sent shock waves through the western countries. United States was shielded because of its own oil production. OPEC countries made massive profit. The crisis pushed European countries and US to look for alternative sources of energy.