Current unrest in Iran, disruptions in global oil markets, and soaring gasoline prices in Canada and beyond are reminiscent of the challenges faced in 1979 during the Iranian Revolution.
At that time, the shock to the worldwide oil supply led to panic buying and gas hoarding, causing a surge in oil demand.
Calgary economist Peter Tertzakian recently discovered that the Canadian government contemplated conserving oil through gasoline rationing stamps in response to the crisis.
Although the rationing stamps, entitling holders to 50 liters of gas, were prepared, they were never issued as the oil supply stabilized.
Upon viewing the original proofs of the stamps in the archives of Natural Resources Canada, Tertzakian expressed surprise.
He explained that a national rationing system would have prioritized essential services like ambulances and farmers for gas access, while others could purchase 50 liters per stamp to ensure fair distribution of fuel.
Although the stamps were not released due to stabilized supply, Tertzakian highlighted that the proofs and past oil crises serve as a stark reminder of potential actions during oil shortages.
This historical context may offer insights into potential gas-saving measures amid current Middle East conflicts.
Tertzakian drew parallels between the past oil crises and current price spikes, emphasizing the potential for shortages and the need for preparedness.
He noted the similarities in geographical impact and price fluctuations between past crises and the current situation.
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Following the U.S. and Israel’s military actions in Iran, resulting in the death of Ayatollah Ali Khamenei, global pump prices have surged significantly.
Oil prices have exceeded $100 US per barrel since the conflict began, leading to a sharp rise in average gasoline prices in Canada, now standing at around $1.68 per liter.
Several countries have already implemented measures to ration and hoard gas in response to the crisis.
Given that a significant portion of oil exported through the Strait of Hormuz