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Explaining The 1979 Oil Crisis To American School Children

This original editorial cartoon, titled The Global Oil Monopoly, was created by illustrator Laura Cornell for the May 3, 1979 issue of Senior Scholastic Magazine, in the midst of the 1979 Oil Crisis.

Rendered in watercolor and ink on an illustration board, with a second sheet for overlaying text, this image offers a sharp and vividly humorous commentary on global oil politics at the end of the 1970s—a period marked by energy crises, OPEC negotiations, and rising anxieties about fuel dependency.

At the center of the composition is a world map, depicted like a gaming table, around which five power-brokers—caricatured as businessmen, politicians, and oil magnates—gather to strategize, profit, and compete. Piled coins, dollar bills, and oil derricks mark various global locations. The most prominent figure, a Middle Eastern tycoon in keffiyeh and sunglasses, looms over the map with an air of dominance, surrounded by wealth and industrial symbols.

Surrounding him are other players in the geopolitical oil game: a Western cigar-smoking capitalist, two suited men counting money, and another at the top right, apparently controlling shipping from Russia or Scandinavia. Oil tankers sail across blue oceans, emphasizing the global reach of this strategic resource. Inset signage and visual cues underscore the high economic and political stakes of the time, capturing the complexity and competitiveness of the late 20th-century oil economy.

The illustration is marked at the bottom with a production note: “Senior 5/3/79 PP 20–21”, and retains its original tissue overlay, which shows the major OPEC and non-OPEC oil producing countries, at a time when Russia and Norway were not significant exporters of oil.

Notably, the artist Laura Cornell—later widely recognized as a well-regarded children’s book illustrator—created this striking political piece early in her career. Cornell is best known for her collaborations with Jamie Lee Curtis on books such as Big Words for Little People and Is There Really a Human Race?, as well as Oh, Brother... Oh, Sister! for American Girl.  

The 1979 Oil Crisis

In 1979, the global oil market was thrown into turmoil by the Second Oil Crisis, primarily triggered by the Iranian Revolution. The overthrow of Shah Mohammad Reza Pahlavi and the rise of Ayatollah Khomeini brought about a near-total collapse in Iran’s oil production, with exports plummeting from over five million barrels per day to under 1.5 million. As Iran was a major OPEC member, this sudden disruption sent shockwaves through the global energy system. Oil prices more than doubled, climbing from around $15 to over $39 per barrel, fueling inflation and economic anxiety in oil-dependent nations, particularly the United States.

Although OPEC did not formally initiate this crisis, the organization’s inability to coordinate a timely production response deepened the panic. Some member states, like Saudi Arabia, modestly increased output, but this failed to stabilize markets. In the West, the crisis manifested in gasoline shortages, long queues at filling stations, and a resurgence of the energy insecurity first experienced in the 1973 oil shock. President Jimmy Carter responded with national addresses emphasizing conservation and energy independence, culminating in policy measures such as the expansion of the Strategic Petroleum Reserve and the passage of the Energy Security Act, which promoted alternative fuels and renewable energy.

The 1979 oil crisis not only exposed the vulnerabilities of industrial economies to supply shocks but also intensified geopolitical entanglements in the Middle East. It underscored the critical importance of oil to global power dynamics and cemented OPEC’s role as a central player in international affairs. The events of that year helped shape the trajectory of energy policy, economic strategy, and foreign relations for decades to follow.