The race was shortened to 450 miles because of NASCAR's response to the energy crisis. A windy day created a dirty track, forcing several cautions for debris. The strange conditions created a race-record 60 lead changes among 15 drivers, mainly during pit stops. The first Daytona 500 starts for Bob Burcham, Richie Panch, George Follmer, Lennie Pond, Jackie Rogers, Joe Mihalic, and Richard Childress. Only Daytona 500 starts for Jimmy Crawford, L. D. Ottinger, Dick Simon, Tony Bettenhausen, Jr., and Dan Daughtry. Last Daytona 500 starts for Bobby Isaac and Gary Bettenhausen.
After a furious late-race battle with Allison for the lead, Petty's chances for a fifth Daytona 500 victory seemed to disappear when he blew a tire 19 laps from the finish. However, it happened just in front of the pit entrance, allowing Petty to steer his Dodge immediately to the pits for a replacement. He returned to the race 38 seconds behind Allison, who seemingly had the race locked up. But eight laps later, tire troubles hit Allison when he ran over some debris in the tri-oval and spun out of control. By the time Allison limped all the way around the track for repairs, Petty found himself back in front, this time for good, while Allison finished sixth.
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