In 2026, the turmoil in Iran has led to a disruption in global oil markets and a surge in gasoline prices in Canada and beyond. This situation echoes the events of 1979, triggered by the Iranian Revolution, which caused a shock to the global oil supply, leading to widespread panic buying and hoarding of gas.
Calgary economist Peter Tertzakian recently discovered original proofs of gasoline rationing stamps from 1979 in the archives of Natural Resources Canada. The Canadian government had prepared these stamps, entitling holders to 50 liters of gas, as a measure to conserve oil through gasoline rationing.
Although the rationing stamps were never circulated due to stabilized supply, Tertzakian highlighted the significance of these proofs and the historical oil crises of the 1970s and ’80s. He emphasized that unexpected events can occur during an oil shortage, hinting at the potential for gas-saving measures amid the current Middle East conflict.
The recent escalation in the Middle East, triggered by the U.S. and Israel’s attack on Iran, has significantly impacted global gas prices, with oil prices exceeding $100 US per barrel. As a result, average gasoline prices in Canada have surged to around $1.68 per liter from $1.29 the previous month, prompting several nations to implement gas hoarding and rationing measures.
While no gas rationing measures have been implemented in Canada yet, Tertzakian noted that oil rationing is not unprecedented in the country’s history and could still be a possibility. Reflecting on past oil crises, he emphasized the current world economy’s increased dependence on oil commodities and the potential need for gas rationing in the face of soaring prices.
Looking ahead, Tertzakian outlined two scenarios where gas rationing could become a reality in Canada: in the event of a physical oil shortage or a global scarcity leading to significantly higher oil prices. With historical precedents like the oil crises of the ’70s, the discussion around gas rationing remains relevant in the current context of fluctuating global oil markets.