ABSTRACT
Case study The United States was hit with its first energy crisis in 1973. The price of oil skyrocketed from $3.50 to more than $12 per barrel. Within a period of a few weeks, the price of gasoline at the pumps soared from $0.30 to $0.65 per gallon. A temporary gap of only 5% between supply and demand caused the price of gasoline to more than double. For the first time in history, Americans sat in lines that circled entire blocks, for periods of hours, just to fill the tanks of their cars.
