In 1979, the Iranian Revolution triggered global oil supply disruptions, leading to panic buying and hoarding of gas worldwide, reminiscent of the current turmoil in Iran and soaring gas prices in Canada and beyond. This situation prompted Canada’s government to consider gasoline rationing stamps, with designs entitling holders to 50 liters of gas in case of a shortage.
While these rationing stamps were never put into circulation as supply stabilized, the proofs found in Natural Resources Canada’s archives served as a stark reminder of past oil crises. The potential for gas-saving measures, like rationing, looms amidst the ongoing Middle East conflict.
The recent escalation in the region, following the U.S. and Israel’s attack on Iran, has significantly impacted global oil prices, surpassing $100 US per barrel. Average gas prices in Canada have risen sharply to around $1.68 per liter, up from $1.29 just last month.
Several countries have already implemented gas hoarding and rationing measures to cope with the crisis. Although Canada has not yet implemented such measures, the possibility of gas rationing remains on the table, considering the historical precedent and current price hikes.
Reflecting on past oil crises, the potential for gas rationing resurfacing as a reality in Canada remains a possibility, particularly in the event of a physical oil shortage or global scarcity driving prices to unprecedented levels. The need for equal access to vital commodities during crises underscores the importance of strategic planning and international cooperation in managing oil supplies and prices.