Final report to the President on oil supply shortages during 1979

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Stockpile levels at the beginning of 1979, imports during the first half of the year, and inventory management were primarily responsible for the oil supply shortage in the spring and summer of 1979. There was a 3.1% reduction in oil supply in May to July of 1979 relative to the same period in 1978, and a 0.2% reduction relative to 1977. The reduction in available oil between 1979 and previous years was even greater than the reduction in supply. Domestic production of crude oil declined between May to July of 1978 and the same period in 1979. This was consistent … continued below

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62 pages

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Creator: Unknown. July 1, 1980.

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This report is part of the collection entitled: Office of Scientific & Technical Information Technical Reports and was provided by the UNT Libraries Government Documents Department to the UNT Digital Library, a digital repository hosted by the UNT Libraries. It has been viewed 12 times. More information about this report can be viewed below.

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Description

Stockpile levels at the beginning of 1979, imports during the first half of the year, and inventory management were primarily responsible for the oil supply shortage in the spring and summer of 1979. There was a 3.1% reduction in oil supply in May to July of 1979 relative to the same period in 1978, and a 0.2% reduction relative to 1977. The reduction in available oil between 1979 and previous years was even greater than the reduction in supply. Domestic production of crude oil declined between May to July of 1978 and the same period in 1979. This was consistent with the long-term trend. Free-world oil production dropped by about 2 million b/d during the first quarter of 1979 as a result of the loss of Iranian production. Production returned to pre-disruption levels by the middle of 1979. The US share of free-world oil supply dropped by 2% in the second quarter of 1979 compared to the 1977-78 average. Gasoline supplied to consumers during May to July 1979 was 8.5% less than in the same period in 1978, and 7 to 9% less than the amount that would have been consumed if there had been no supply restriction. Compared to 1978, reduced gasoline production during this period in 1979 accounted for 36% of the supply reduction, and reduced use of stocks accounted for 64% of the supply reduction. Refiners could have made more gasoline available during May to July of 1979 without reducing stocks below minimum operating levels. The yield of gasoline relative to other petroleum products went down in May to July of 1979 as compared to the same period in 1977 and 1978. Most of the increase was in production of petrochemical feedstocks. Refiners who were bound by DOE price controls or who were complying with CWPS guidelines could not have increased allowable revenues by delaying the sale of gasoline. Virtually all of the gasoline price increases that took place between January and August 1979 were based on cost increases.

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62 pages

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NTIS, PC A04/MF A01.

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Office of Scientific & Technical Information Technical Reports

Reports, articles and other documents harvested from the Office of Scientific and Technical Information.

Office of Scientific and Technical Information (OSTI) is the Department of Energy (DOE) office that collects, preserves, and disseminates DOE-sponsored research and development (R&D) results that are the outcomes of R&D projects or other funded activities at DOE labs and facilities nationwide and grantees at universities and other institutions.

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  • July 1, 1980

Added to The UNT Digital Library

  • Feb. 4, 2018, 10:51 a.m.

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  • March 1, 2021, 11:26 p.m.

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Final report to the President on oil supply shortages during 1979, report, July 1, 1980; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc1068298/: accessed February 13, 2025), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.

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