26 Years Ago In Time

When Americans faced a previous spurt in oil prices in 1979, the villains of the moment were the BIG OIL companies, as TIME noted in a cover story.

For the second time in a decade, energy scare stories have become the stuff of headlines: motorists who confront the prospect of a summer of gasoline shortages at $1 per gal.; homeowners who have visions of dollar bills fluttering up the chimney every time the oil burner in the basement trips on. Angry and resentful, people are blaming the one institution that not only grows richer every time there is an oil squeeze, but...

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