Sport in better place now compared to '74 gas crisis

There is some truth to the old adage that "everything old is new again." With record crude oil prices and the threat of stagflation looming, NASCAR is facing similar pressures that affected the sport more than 30 years ago.

When Egypt and Syria attacked Israel in October of 1973 during the Yom Kippur War, it set into motion a series of events that would substantially change forever the relationship between oil-producing countries, mainly in the Middle East, and nations who relied on oil imports.

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Whether the Arab oil embargo -- which was the result of United States support for Israel -- had a direct effect on the resulting oil shortage is a matter of debate. But a combination of government price controls in effect at the time, a quadrupling of crude oil prices in the next year and a steep drop in gasoline production led to the first gas rationing in America since World War II.

Anyone who lived through that time remembers waiting in long lines at stations flying green flags, indicating that they had gasoline available. In addition, license plate numbers were used to determine which days motorists could fill up.

And NASCAR found itself smack dab in the middle of a logistics and public relations nightmare. With the federal government legislating a mandatory 55 mph speed limit, implementing year-round Daylight Saving Time and requiring auto manufacturers to meet tougher economy standards, auto racing was forced to think of ways to keep itself viable by reducing fuel consumption or face a shutdown.

NASCAR's solution was unique: Reduce the length of races by 10 percent, starting with the 1974 Daytona 500. In addition, plans were made for smaller starting fields, limited practice sessions and rules changes that would allow smaller engines to compete without restrictor plates.

But in an odd twist, with the exception of Darlington's Rebel 450, the other races were still named after the advertised distance. For example, the first lap of the Daytona 500 that year was recorded as Lap 21, while 500-lap races at Rockingham, Bristol and Martinsville started on Lap 51.

In part because of the economic downturn, less than a dozen teams started the season with 1974 models. And by year's end, only 27 cars made the trip to Richmond. In addition, worries over fuel shortages kept many North Carolina-based teams from hauling to Riverside and Ontario that season. Instead, more than half of the field was comprised of Winston West teams.

Despite the unusual circumstances, the racing that season was exemplary. David Pearson and Richard Petty had several thrilling duels -- with Pearson winning at Charlotte and the July 4 race at Daytona, and Petty prevailing at Talladega later that summer.

Pearson beat Petty by a car-length in the World 600 in May. Two months later, in the Firecracker 400, Pearson let Petty pass on the final lap, only to return the favor just as the two hit the finish line. And in August, Petty edged Pearson in an event marred by pre-race sabotage, as someone tampered with more than two dozen cars in the garage area overnight.

There were three other firsts in 1974. Pocono Raceway made its NASCAR debut that season, as Petty won a rain-shortened event. Earl Ross became the first Canadian to win a Cup race, taking the checkered at Martinsville in September. And Bobby Allison drove an AMC Matador to its first victory with his win at Ontario in November, although the car failed post-race inspection -- which resulted in a then-record $9,100 fine.

The gas crunch eased by the summer, and NASCAR returned to full-length races at that point.

Despite similar issues facing the sport in 2008, NASCAR appears to be better prepared to weather the impending economic storm -- at least for now. Unlike 1973, the sanctioning body has solid long-term television and sponsorship contracts in place. Most of the large, multi-car teams are on financially sound footing -- which was not the case three decades ago. And no tracks on the current Cup schedule appear to be likely to suffer the fates of Riverside, Ontario and Texas World Speedway.

The opinions expressed are solely those of the writer