2026 isn’t 1979: How the US could withstand another oil shock
Quick Insights
The Bottom Line
America's status as the world's largest oil producer would limit damage from potential oil shocks.
How This Affects You
Your gas prices may not spike as severely during oil crises due to domestic U.S. oil production.
AI Summary
The United States' status as the world's largest oil producer would help limit economic damage from a potential oil shock in 2026, unlike the severe impact of the 1979 crisis.
Source Coverage Map
14 of 43 tracked sources covered this story
Following this story?
Get notified when new coverage appears
Other Sources Covering This Story
5 sourcesMultiple outlets have reported on this story. Compare perspectives from different sources.
‘We cut down the menu’: Cooking gas crisis hit restaurants in India amid war in Iran
This article is part of a story we're tracking:
Should this be getting more attention?
You Might Have Missed
Related stories from different sources and perspectives
GlobalWar with Iran delivers high oil prices and another shock to the global economy
Much of the pain is being caused by an effective closure of the Strait of Hormuz, which carries a fifth of the world's oil.
FinanceWhy oil price spikes (probably) won't spur shift away from oil
<p>Oil <a href="https://www.axios.com/2026/03/09/oil-prices-gas-iran-war" target="_blank">prices</a> would need to stay high for years — not weeks or months — to drive a lasting shift away from the fossil fuel.</p><p><strong>The big picture:</strong> Every time oil spikes, the same question surfaces: Will this push more people into electric cars or install solar panels onto rooftops?</p><hr><p><strong>State of play:</strong> That's <a href="https://www.threads.com/%40bettemidler/post/DVfZXfQFBfw/photo-posted-by-bette-midler-bettemidler" target="_blank">happening again</a> following oil prices<a href="https://www.axios.com/2026/03/08/iran-war-oil-market-barrel-cost" target="_blank"> zoomed past</a> the $100-a-barrel mark in the wake of the Iran war. </p><p><strong>Driving the news: </strong>Prices dropped at least temporarily in the wake of President Trump signaling Monday evening he <a href="https://www.axios.com/2026/03/09/trump-iran-war-over-soon" target="_blank">wants a quick end...
CorporateAnother AT&T FirstNet user gets shocking $6,200 bill, at $2 per megabyte
PoliticsTrump says some sanctions to be lifted on oil producers amid Iran war
Crude oil prices plunge below $90 a barrel following an earlier surge to almost $120 in price swing over 24 hours.
GlobalWhy Iran’s vital Kharg Island oil hub is still untouched by US-Israel bombers
<p>While some argue for destroying the terminal though which 90% of Iran’s oil exports flow, others caution of a global market ‘tailspin’</p><p>Kharg Island – through which 90% of Iran’s oil exports flow – is arguably the country’s most sensitive economic target but the export terminal has so far remained untouched throughout the US-Israel bombing campaign.</p><p>Experts say bombing or capturing the site with US forces would be likely to cause a sustained increase to already surging oil prices, as it would amount to taking the entirety of Iran’s daily crude exports offline.</p> <a href="https://www.theguardian.com/world/2026/mar/11/why-irans-vital-kharg-island-oil-hub-is-still-untouched-by-us-israel-bombers">Continue reading...</a>
GlobalThe Israeli army expects the phase of this campaign to last another two weeks
Israel on Sunday struck southern Lebanon, Beirut and an oil storage facility in Tehran as the war in the Middle East keeps escalating. "The Israeli army expects the current phase of this campaign to last another two weeks", said FRANCE 24's Noga Tarnopolsky. The Israeli Prime Minister Benjamin Netanyahu said in his remarks yesterday that the current campaign is "creating the conditions to overthrow the regime", added Tarnopolsky.
Economy showed cracks pre-Iran attack, data shows
<p>The economy was flashing stagflation signals — tepid growth and high inflation — even before the <a href="https://www.axios.com/world/iran" target="_blank">Iran</a> conflict added an oil shock to the mix.</p><p><strong>Why it matters:</strong> What happens when geopolitical turmoil clogs up the world's oil supply chain, against a backdrop of a U.S. economy losing momentum amid sticky inflation?</p><ul><li>We're about to find out.</li></ul><hr><p><strong>Driving the news:</strong> A revision to fourth-quarter GDP shows the economy grew at only a 0.7% annualized rate in the final months of 2025, half as much as the 1.4% growth rate originally estimated.</p><ul><li>Real final sales to private domestic purchasers, an underlying measure of growth that sums up consumer spending and private investment, rose at a 1.9% annual rate in the fourth quarter — a downward revision of 0.5 percentage point.</li></ul><p><strong>By the numbers: </strong>Also Friday morning, the Commerce Department r...
Did this story change how you see things?
Stories like this only matter when people see them. Help us get verified journalism in front of more eyes.
The Verity Ledger curates verified investigative journalism from trusted sources only.
See our sourcesMost Read This Week
‘No popular support’: China warns against government change in Iran
Whitmer's office calls for probe into why weather service didn't issue tornado watch - The Detroit News
Defense official reveals how AI chatbots could be used for targeting decisions
Rubio designates Afghanistan as ‘state sponsor of wrongful detention’
Senate Democrat calls for investigation into Texas drone incidents
