Turmoil in Iran, a major disruption in world oil markets, and stratospheric gasoline prices in Canada and beyond. What’s racking motorists and governments in 2026 also faced them in 1979, sparked by the Iranian Revolution.
Back then, the shock to the global oil supply sent consumers around the world panic buying and hoarding gas, spiking oil demand.
As Calgary economist Peter Tertzakian recently learned, it prompted Canada’s government to seriously consider conserving oil by way of gasoline rationing stamps.
They even printed sheets out to prepare for that drastic step, entitling a holder to 50 litres of gas.
When the energy economist and founder of Studio.Energy saw original proofs of the stamps in Natural Resources Canada’s archives, he was taken aback.
“I was shown them and I go, whoa. I mean, this is just like a blast from the past,” he said.
A national rationing system would have allowed essential services like ambulances and farmers to get priority access to gas. Others would be able to purchase 50 litres per stamp, designed to equalize access to fuel, Tertzakian explained.
While Ottawa never ended up putting the stamps into circulation because supply eventually stabilized, Tertzakian said the proofs — and the oil crises of the 70s and 80s — are a reminder that anything can happen in an oil shortage.
It may also foreshadow a possible gas-saving measure in the current context of the war in the Middle East.
“Basically, the geography is the same. The curtailment at that time of several million dollars of oil a day led to price spikes much as we’re seeing today, and the potential for outright shortages as evidenced by Canada printing these stamps,” he said.
“There’s an eerie parallel [to today]. Same place, same kind of circumstances, different era.”
Since the U.S. and Israel initiated an attack on Iran taking out Ayatollah Ali Khamenei, escalation in the region has starkly impacted prices at the pumps, globally.
Oil prices have surged above $100 US per barrel since the war began. Average gasoline prices across Canada now average around $1.68 per litre, up sharply from $1.29 last month, according to the Canadian Automobile Association.
Several nations have already implemented measures to hoard and ration gas.
Much of what’s exported through the Strait of Hormuz is exported to Asia, leaving countries like Sri Lanka, the Philippines and Vietnam to urge residents to save gas by working from home.
While no measures of this kind have been implemented by Canada as of yet, oil rationing is not unprecedented in the nation’s history, and…
Read More: ‘Eerie parallel’: Archived stamps reveal Canada was prepared to ration gas
