Final answer:
The second oil crisis followed the Iranian Revolution in 1979, when Ayatollah Khomeini nationalized the oil industry and disrupted oil shipments, leading to a spike in global oil prices.
Step-by-step explanation:
The Second Oil Crisis and the Iranian Revolution
The second oil crisis, triggered by the Iranian Revolution, occurred in 1979. The revolution began in January 1979 with anti-Western sentiment leading to the overthrow of the US-backed shah of Iran and the coming to power of Ayatollah Khomeini. Khomeini's move to nationalize the oil industry resulted in the seizing of assets from Western oil companies, causing a disruption of oil shipments and a spike in oil prices. Although Iran was not the largest oil producer for the United States, the halt in Iranian oil exports had a significant impact on the energy crisis, with oil prices doubling and prompting debates on the factors influencing US oil prices.
Oil production in Iran had seen a substantial increase from the 1950s to the mid-1970s, growing to 6 million barrels per day. However, the wealth gap in Iran widened, and the political upheaval of the revolution ultimately had far-reaching effects on global oil markets and the political landscape of the Middle East. The second oil crisis exemplified the shifting power dynamics and the growing importance of Middle Eastern oil resources on the world stage.