• Oil embargo continues through March with a stock market crash.
• High prices and gas insecurities lead to significant decline in driving, which has major impact on overall auto industry and suppliers in particular.
• With scarce supplies of raw materials, layoffs are common throughout the industry.
• Capital spending declines throughout the industry.
• Dunlop touts new run-flat tires.
• Sluggish economy turns over to full-scale recession.
• BFG closes plants in Akron and California.
• Supplemental Unemployment Benefit funds run out for BFG, General Tire and Uniroyal, leading all three companies to lay off staff.
• Firestone's top executive says recession seals tire maker's fate in Akron.
• URW decides not to merge with Oil, Chemical and Atomic Workers.
• Courts strike down OSHA's MOCA regulations, but a number of other chemicals were added to the toxic substance rules.
• Firestone faces problems with 500 steel-belted radial tires and fights the recall of 1 million tires.
• General Tire faces bribery charges in Chile.
• The longest strike to date in the rubber industry's history occurred, lasting 141 days with 60,000 workers at the Big 4 tire makers striking.
• The union wins a 36-percent pay increase over three years and tire makers, weakened by the strike, begin looking for alternatives to union organized plants in the U.S.
• Michelin buys a closed Gates Rubber plant in Littleton, Colo., and pushes forward with expansion plans in South Carolina.
• Tire makers are caught operating secret slush funds, used for foreign bribes, political payoffs and domestic campaign contributions.
• National Highway Traffic Safety Administration continues pursuit of a Firestone 500 recall.
• Crain Communications Inc. acquires Rubber & Plastics News.