Recession (jul 1, 1981 – nov 1, 1982)
Description:
Iranian revolution sharply increased oil prices in 1979. This was caused by the new regime in power in Iran, which exported oil at inconsistent intervals and at a lower volume, forcing prices up. Tight monetary policy in the United States to control inflation led to another recession. The changes were made largely because of inflation carried over from the previous decade because of the 1973 oil crisis and the 1979 energy crisis.
Added to timeline:
Recession and depression timeline
Date:
