I sure can't recall that there was a shortage of motor oils or much price increase during the so called gas crisis of 1973-74 or during Iran embargo crunch of the late 70's early 80's either. But lets not forget the impact of Katrina/Rita on the oil industry production since late August that caused this sharp increase in prices, reformulations, and spot shortages. Of note, is that Chevron/Texico's Orinite (sp?) plant in Belle Chase, LA (just across the river from New Orleans) was knocked off-line by Katrina for nearly a month. This plant, if I recall, is one of the largest plants they own for the production of oil and fuel(?) additives. I also understand that only Shell remains as their largest competitor for additives, and they too had problems in their Gulf operations with crude oil production and refining. And those two corporations sell additives to just about every other fuel and oil blender throughout the country, so if there is disruption in supply, there is usually a price jump. There are some major differences in the two 70's crisis and today's inconvience.
We might remember too, that the first oil crisis of 1974-75 came at about the same time as the "transition" to where you were even able to buy motor oils in retail outlets other than gas stations/service stations! Hoarding motor oil wasn't so easy as it is now. In the late 60's and early 70's, and the decades before, if you wanted Texaco motor oil, Esso, Gulf, etc., you usually had to find one of their gas stations to buy it. I can remember often paying $1.50 to $2.00 a quart which was a pretty penny for those days when gas prices were about $0.30 and less a gallon! Remember too that the federal minimum wage was ONLY $0.85 to $1.25 per hour during those years!
The first motor oils I can remember seeing in the general market place were sold at some auto parts houses (NAPA was one), K-Mart stores, some locally owned discount stores; and much later on, at Wal-Mart as they opened more and more stores. Incidently, Quaker State was the first major brand of motor oil I can remember being available in the general retail market by the late 60's to early 70's. If you needed an oil change most people went to a local gas station/service station to get it done! That or you paid through the nose for your oil from the gas station, or a mom and pop store, and took it home to change out. I never heard of an oil clearance sale or a discount!
By today's standards this seems really strange to younger folks, but the oil cartels pretty much had things there own way for a long, long time! Many oil companies of that era and before, considered the sales and marketing of their oils as strictly a wholesale operation, since many gas/service stations were company owned or franchised operations, and they didn't like the competition from the outside under selling them! Thank goodness things finally changed!