Carter Orders Deregulation of Oil Prices
At a glance:
- Series: Great Events from History II: Business and Commerce Series
- Categories: Government and Politics, Economics
- Subcategories: Business, Trade, Commerce, Energy, Fuel, Power Sources
- Curriculum: American History 1951-present
- Geographical Location: Washington, D.C.
- Date: April 5, 1979
Article abstract: In response to increasing U.S. dependence on foreign oil and the rising costs of deliveries from OPEC producers, President Carter began deregulating the price of domestic oil.
Summary of Event
Price controls on domestically produced oil were inaugurated in the United States in 1971 as part of Richard M. Nixon’s efforts to curtail inflation. The inflation rate, or rate of increase in prices, was about 4 percent. That level would soon look benign, but at the time it was deemed to be unacceptably high. Eight years later, the...
[The entire page is 2172 words long]
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