"Canada prepared 50-litre gasoline rationing stamps in 1979 amid the oil crisis, though ultimately did not circulate them. A national rationing system would have allowed essential services like ambulances and farmers to get priority access to gas."
"Tertzakian said the proofs and the oil crises of the 70s and 80s are a reminder that anything can happen in an oil shortage. It may also foreshadow a possible gas-saving measure in the current context of the war in the Middle East."
"The curtailment at that time of several million dollars of oil a day led to price spikes much as we're seeing today, and the geography is the same."
In 1979, the Iranian Revolution caused a global oil supply shock, leading to panic buying and hoarding of gasoline. Canada considered implementing gasoline rationing stamps, allowing holders to purchase 50 litres of gas. Although the stamps were prepared, they were never circulated as supply stabilized. Economist Peter Tertzakian noted that the historical context serves as a reminder of the unpredictability of oil shortages, drawing parallels to current tensions in the Middle East that could lead to similar gas-saving measures.
Read at www.cbc.ca
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