1979 revolution and the second oil shock

Nick explains the Iranian revolution, output collapse, panic buying, and 1979 price spikes.

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Episode notes

In 1960, a handful of oil-producing nations made a decision that would reshape the global economy.

They formed a cartel to control the world’s most vital resource, challenging powerful corporations and altering the balance of global power.

Over the decades, that organization would trigger crises, fuel economic booms, and influence energy prices across every corner of the planet.

Learn more about the creation, rise, and eventual decline of OPEC, the Organization of the Petroleum Exporting Countries, on this episode of Everything Everywhere Daily.

In 1960, a handful of oil-producing nations made a decision that would reshape the global economy.

They formed a cartel to control the world’s most vital resource, challenging powerful corporations and altering the balance of global power.

Over the decades, that organization would trigger crises, fuel economic booms, and influence energy prices across every corner of the planet.

Learn more about the creation, rise, and eventual decline of OPEC, the Organization of the Petroleum Exporting Countries, on this episode of Everything Everywhere Daily.

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