Births on December 31

Paul O'Neill, English race car driver

Paul O'Neill (born 31 December 1979) is a British auto racing driver, and the half-brother of English singer Melanie C.

1 Feb

Ruhollah Khomeini
Iranian Ayatollah Ruhollah Khomeini returns to Tehran after nearly 15 years of exile.
11 Feb

Ruhollah Khomeini
The Iranian Revolution establishes an Islamic theocracy under the leadership of Ayatollah Ruhollah Khomeini.
16 Mar

People's Liberation Army
Sino-Vietnamese War: The People's Liberation Army crosses the border back into China, ends the war.
15 Jul

Malaise speech
U.S. President Jimmy Carter gives his "malaise speech".
16 Dec

OPEC
Libya joins four other OPEC nations in raising crude oil prices, which has an immediate, dramatic effect on the United States.