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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 ...
A related government intervention to price floor, which is also a price control, is the price ceiling; it sets the maximum price that can legally be charged for a good or service, with a common example being rent control. A price ceiling is a price control, or limit, on how high a price is charged for a product, commodity, or service.
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]
But in the 1970s, the high prices came with long waits and other inconveniences. We don't have shortages of gasoline that prevent you from filling up today. But in the 1970s, the high prices came ...
The Office of Price Administration and the Legacy of the New Deal, 1939-1946. Public Historian, (1983) 5:3 pp. 5–29. JSTOR; Bartels, Andrew H. The Politics of Price Control: The Office of Price Administration and the Dilemmas of Economic Stabilization, 1940-1946. (Ph.D. dissertation, The Johns Hopkins University, 1980.) Galbraith, J. K.
ODT-imposed rationing of gasoline to civilians caused car owners to drive less, thus extending tire life and conserving fuel to maximize the oil and rubber available for military use. [ 19 ] In January 1942 there was a study published by the Public Roads Administration that discovered that driving 35 mph (56 km/h) helped tires last four times ...