I remember the 1970s toilet paper shortage (caused by a Johnny Carson joke), sugar shortage the same years, and a beef shortage, and the first gasoline shortage caused by the Arab Oil Embargo.
And that was before Jimmy Carter really messed up the oil industry causing the first HIGH increases in gasoline.
Remember, during the Iran oil crisis, when Carter refused to allow the oil industry to charge the higher rate for a barrel of US oil? Only new wells were allowed to sell at the higher price.
The industry simply shut down the old wells, and drilled new wells right next to the old ones and then charged the higher price.
70’s toilet paper shortage, Johnny Carson joke.
Longshoremen in Hawaii went on strike. Things tightened up in Hawaii. Some Hawaiian radio talk show host surmised about a shortage of toilet paper. That started the toilet paper panic buying in Hawaii. When the strike broke I joined a ship that was already loaded and ready to go to Hawaii. We were greeted by the local TV who interviewed our captain on the dock. The captain confirmed to them that we indeed had toilet paper for the people of Hawaii.
That is where Johnny Carson got the idea for the joke.