In 2026, a resurgence of turmoil in Iran has led to disruption in global oil markets, causing a surge in gasoline prices in Canada and other countries. This situation echoes the events of 1979 when the Iranian Revolution triggered a shock to the global oil supply, prompting panic buying and hoarding of gas worldwide.
Peter Tertzakian, an economist from Calgary, recently uncovered original proofs of gasoline rationing stamps from 1979 in the archives of Natural Resources Canada. These stamps were designed to enable holders to purchase 50 litres of gas to regulate fuel access during a potential crisis.
Although Canada never implemented the rationing stamps due to stabilized supply, Tertzakian highlighted the significance of these historical artifacts in reminding us of the uncertainties of oil shortages. The current Middle East conflict may also necessitate similar measures to conserve gas.
The ongoing war in the Middle East, triggered by an attack on Iran by the U.S. and Israel, has significantly impacted global fuel prices. Oil prices have surged above $100 per barrel since the conflict began, leading to a sharp rise in gasoline prices across Canada.
While some countries have resorted to gas hoarding and rationing measures, Canada has yet to implement such actions. However, Tertzakian suggests that gas rationing could be a possibility in the face of escalating prices and potential oil shortages.
Reflecting on past oil crises in the 1970s, Tertzakian pointed out the potential vulnerability of regions like Central Canada to oil shortages, which could necessitate rationing. In times of global scarcity and soaring prices, rationing could ensure fair access to fuel for all segments of society.
The International Energy Agency has previously taken steps to reduce oil demand during crises, indicating that rationing remains a viable option in extreme circumstances. Tertzakian emphasized the need for long-term strategic planning to address challenges in the oil market and to ensure equitable distribution of vital commodities during crises.
