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The major oil-producing regions of the U.S.—Texas, Oklahoma, Louisiana, Colorado, Wyoming, and Alaska—benefited greatly from the price inflation of the 1970s as did the U.S. oil industry in general. Oil prices generally increased throughout the decade; between 1978 and 1980 the price of West Texas Intermediate crude oil increased 250 ...
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 ...
America had controlled the price of natural gas since the 1950s. 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.
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.
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 ...
Gas prices are finally starting to fall back down to earth in much of the country. According to AAA, the national average is down to $4.189 per gallon as of Aug. 2. ... In 1970, a gallon of gas ...
December 14: 640-foot (200 m) oil tanker Argo Merchant runs aground on the Nantucket Shoals, spilling 7.6 million US gallons (29,000 m 3) of No. 6 fuel oil. December: Moderates and OPEC "hawks" disagree on how fast oil prices should rise. Saudi Arabia and United Arab Emirates increase prices by 5 percent, others by 10 percent.
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 ...