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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 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 ...
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]
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 ...
The stagflation became more severe in the early 1970s but was suppressed by the price controls and wage freeze imposed by President Nixon starting in August 1971 and through 1972. But when the controls were lifted in mid-1973 the CPI surged to 8.5%.
World War II marked the first time in U.S. history that gasoline was rationed and the government imposed price controls to prevent inflation. Gasoline consumption per automobile declined from 2,860 liters (755 U.S. gal) per year in 1941 down to 2,000 liters (540 U.S. gal)in 1943, with the goal of preserving rubber for tires since the Japanese ...
Gas stations throughout the country shortened their hours and on some days only served emergency vehicles. These policies were often met with hostility from consumers. In Baltimore, it peaked in February 1974 with gas station lines up to 5 miles long and violent threats made towards gas station owners. [25]
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