youtube: Gas Prices in 1979 - 1979 Energy Crisis reported on WEWS News
This is a local news broadcast saying that of course higher energy prices will kick through the whole system and by itself will add 1% to inflation for the year.
So, Iran was one factor, but not the only factor.OPEC to Raise Prices 14.49 Percent in 1979
Washington Post, Thomas Lippman, Dec. 18, 1978
https://www.washingtonpost.com/arch...6b2-8e00-b9b6fff4cae4/?utm_term=.857fb8ac0763
'The Organization of Petroleum Exporting Countries decided to today raise the price of crude oil by 14.49 percent in four steps during 1979, . . . '
' . . . Delegates to the conference said the increases were imposed partly to compensate OPEC countries for losses they say they have suffered because of the dollar's decline, and partly because demand caused by the slowdown in Iran's oil fields already has pushed market prices beyond the new levels set as minimums by OPEC. . . '
This is a U.S. Dept of Energy "Response Plan."https://www.brookings.edu/wp-conten...verleger_okun_lawrence_sims_hall_nordhaus.pdf
'Distillate fuel oil stocks are at an unacceptably low level, and it is critical that
these stocks be rebuilt to safe levels before the next heating season.... Unless
petroleum demand is restrained, heating oil stocks would not be built to safe
levels by next fall.[11]'