events
Ronald Reagan lifts remaining domestic petroleum price and allocation controls in the United States, helping to end the 1979 energy crisis and begin the 1980s oil glut.
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Ronald Reagan
President of the United States from 1981 to 1989
Ronald Wilson Reagan was an American politician and actor who served as the 40th president of the United States from 1981 to 1989. A member of the Republican Party, he became an important figure in the American conservative movement. The period encompassing his presidency is…Source: Wikipedia (CC BY-SA)
1979 oil crisis
Worldwide increase in crude oil prices following the Iranian Revolution
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, the oil markets' reaction raised the price of crude oil drastically over the next 12 months, more than…Source: Wikipedia (CC BY-SA)
1980s oil glut
Oversupply of oil in the 1980s
The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis. The world price of oil had peaked in 1980 at over US$35 per barrel ; it fell in 1986 from $27 to below $10. The glut began in the early 1980s as a result of…Source: Wikipedia (CC BY-SA)