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The Economic Stabilization Act of 1970 (Title II of Pub. L. 91–379, 84 Stat. 799, enacted August 15, 1970, [2] formerly codified at 12 U.S.C. § 1904) was a United States law that authorized the President to stabilize prices, rents, wages, salaries, interest rates, dividends and similar transfers [3] as part of a general program of price controls within the American domestic goods and labor ...
Nixon issued Executive Order 11615 (pursuant to the Economic Stabilization Act of 1970), imposing a 90-day freeze on wages and prices in order to counter inflation. This was the first time the U.S. government had enacted wage and price controls since the Korean War.
The glut began in the early 1980s as a result of slowed economic activity in industrial countries (due to the 1973 and 1979 energy crises) and the energy conservation spurred by high fuel prices. [27] The inflation adjusted real 2004 dollar value of oil fell from an average of $78.2 per barrel in 1981 to an average of $26.8 in 1986. [28]
By 1950, gas prices had jumped to 27 cents, about $3.40 in today’s money. The next two decades were much like the two that preceded the war. Fuel prices held remarkably steady, climbing only to ...
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At the beginning of his presidency, Reagan ended the price controls on domestic oil which had been started by Richard Nixon; they had contributed to both the 1973 Oil Crisis and the 1979 Energy Crisis. [43] [44] The price of oil subsequently dropped, and the 1980s did not see the gasoline lines and fuel shortages that the 1970s had. [44]
In the early '70s, gas prices hovered around 36 cents a gallon. By 1980, motorists were paying an average of $1.19 a gallon , or $4.05 in today's dollars. For more informative articles like this ...
With the inflation of the 1970s, the price was too low to encourage the search for new reserves. [162] America's natural gas reserves dwindled from 237 trillion in 1974 to 203 trillion [clarification needed] in 1978. The price controls were not changed, despite president Gerald Ford's repeated requests to Congress. [162]