Kōrero: Balance of payments

Locking the pumps

Locking the pumps

A Wellington garage manager locks up his pumps in February 1974 during the first oil shock. As a result of the Yom Kippur Arab–Israeli war in October 1973, the Organization of the Petroleum Exporting Countries (OPEC) restricted the supply of oil. This increased the price over four-fold and created uncertainty about supply. New Zealand was faced with a massive impact on the balance of trade and the balance of payments, since oil was a significant portion of the country’s imports. Restrictions were placed on the sale of petrol and permits were required to buy it at the weekend.

Te whakamahi i tēnei tūemi

Alexander Turnbull Library, Dominion Post Collection (PAColl-7327)
Reference: EP-Energy-Petrol-service-stations-01

Permission of the Alexander Turnbull Library, National Library of New Zealand, Te Puna Mātauranga o Aotearoa, must be obtained before any re-use of this image.

Ngā whakaahua me ngā rauemi katoa o tēnei kōrero

Te tuhi tohutoro mō tēnei whārangi:

C. John McDermott and Rishab Sethi, 'Balance of payments - A brief history', Te Ara - the Encyclopedia of New Zealand, http://www.TeAra.govt.nz/mi/photograph/23966/locking-the-pumps (accessed 29 March 2024)

He kōrero nā C. John McDermott and Rishab Sethi, i tāngia i te 11 Mar 2010