In 2026, a similar situation to that of 1979 is causing turmoil in Iran, disrupting global oil markets and leading to soaring gasoline prices in Canada and beyond, reminiscent of the impact of the Iranian Revolution. The shock to the worldwide oil supply during that time triggered panic buying and gas hoarding, driving up oil demand.
Recently, Calgary economist Peter Tertzakian uncovered original proofs of gasoline rationing stamps from 1979 in the archives of Natural Resources Canada. The Canadian government had considered implementing a national rationing system, with stamps allowing holders to purchase 50 liters of gas, aimed at ensuring fair access to fuel. Although the stamps were never circulated due to stabilized supply, they serve as a reminder of the unpredictability of oil shortages.
The ongoing conflict in the Middle East, particularly the attack on Iran by the U.S. and Israel, has significantly impacted global fuel prices, with oil prices exceeding $100 per barrel and average gasoline prices in Canada rising to about $1.68 per liter. Some countries have already started implementing gas hoarding and rationing measures to manage the crisis.
Looking back at the oil crises of the 1970s, it is evident that gas rationing was a reality in various countries during times of scarcity. The U.S. faced shortages that led to long lineups at gas stations, prompting the adoption of odd-even rationing based on license plate numbers. The Canadian government also considered implementing rationing measures during that period but did not proceed.
With the current high gas prices, there is a possibility of gas rationing becoming a reality in Canada if there is a physical oil shortage or a global scarcity leading to significantly higher prices. Historical events highlight the importance of strategic planning and cooperation in managing vital commodities during crises to ensure fair access for all individuals.