OIL WAS SELLING AT $1.75 PER BARREL and worry was not of a shortage but a glut in 1923 when TIME began following the industry. Some highlights from our coverage over the years:
Crude oil has been marked up 25� to $1.75 per barrel by several prominent companies. 
From Oil
Mar. 24, 1923
Production during 1929 totaled about 200,000 barrels a day over consumption.
From No Oil Compromise
Dec. 9, 1929
In 1931 the world's oil markets were flooded by the eruption of the East Texas oil fields. The British, U. S. and Dutch oil men wanted to keep their Irak oil off the market as long as possible. The French, however, with no oil of their own, wanted their Irak oil at once. King Feisal, too, wanted his oil royalties.
From Oil From Mosul
Jan. 28, 1935
Not since October 1930 when a drill crew sprinted from under the first gusher in the East Texas field have U. S. oil companies discovered a petroleum pool of any magnitude. Some have talked of a petroleum famine as early as 1950.
From Reserves & Shortage
Jul. 1, 1935
As the fighting tapered off in the Middle East last week, the oilmen of the free world faced up to a huge problem: How can the West be supplied with all the oil it needs?
From How to Lick a Shortage
Nov. 19, 1956
The U.S. was in the grip last week of an oil-production shortage that kept it from shipping enough oil to Europe and reduced domestic reserves to dangerously low levels.
From The Oil Shortage
Feb. 11, 1957
The world's consumption of oil is increasing by 8% a year, and U.S. consumption, now nearly 40% of the total, is rising by 8.7%.
From The Arab World: Oil, Power, Violence
Apr. 2, 1973
Many Americans ... are voicing suspicion that the whole emergency has been a hoax engineered by the oil companies to squeeze out huge price increases.
From The Whirlwind Confronts the Skeptics
Jan. 21, 1974
Washington economists are calling it Khomeini's Recession�after the Ayatullah Ruhollah Khomeini, whose Iranian revolution began the oil shortages and rocketing prices that are causing world economic anxiety.
From The Great Energy Mess
Jul. 2, 1979
The shortage has set off a scramble that permits OPEC to charge almost any price its members wish.
From OPEC's Painful Squeeze
Jul. 9, 1979
The big question, especially after the 1979 Iranian revolution ignited a wave of increases that pushed the official price from about $13 to $34, was: How high would the price go? Now the question is: How far will it drop?
From Oil: "The War Begins"
By John Greenwald
Mar. 7, 1983
Once again, a stunning shift in the price of oil sent tremors around the globe. Yet unlike the jolts that staggered the world economy in the 1970s, last week's quake caused prices to crash rather than climb. On Tuesday oil dropped below $20 per bbl. for the first time in seven years.
From Awash in an Ocean of Oil
By John Greenwald
Feb. 3, 1986
America is setting a time bomb. The scary possibility is that by the mid-1990s, as the U.S. becomes dependent on foreign oil for more and more of its consumption, OPEC could suddenly and steeply raise prices, throwing the economy into chaos.
From Enjoy Now, Pay Later
By Barbara Rudolph
Mar. 16, 1987
Most consumers were understandably livid over the way gasoline prices leaped after Iraq's invasion of Kuwait, peaking at an average $1.30 in October for an unleaded gallon.
From Big Oil's Bad Rap
By Richard Behar
Feb. 25, 1991
With petroleum selling in the past few weeks for nearly $35, close to a 10-year high, talk of a possible oil shock--a threat unseen since the 1990 Gulf War--is suddenly gaining respectability.
From Are We Over A Barrel?
By Adam Zagorin
Dec. 18, 2000
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