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Jimmy Carter in 1978. The Moral Equivalent of War speech was a televised address made by President Jimmy Carter of the United States on April 18, 1977. [1] The speech is remembered for his comparison of the 1970s energy crisis with the "moral equivalent of war." Carter gave ten principles for the plan but did not list specific actions.
Carter inherited high inflation from President Richard Nixon's term, which saw budget deficits and a Middle East oil shock that spiked energy prices. By October 1978, Carter delivered a speech ...
The Jimmy Carter administration began a phased deregulation of oil prices on April 5, 1979, when the average price of crude oil was US$15.85 per barrel ($100/m 3). Starting with the Iranian revolution, the price of crude oil rose to $39.50 per barrel ($248/m 3) over the next 12 months (its all-time highest real price until March 3, 2008). [11]
In response, Carter asked Congress to deregulate the price of domestic oil. At the time, domestic oil prices were not set by the world market, but rather by the complex price controls of the 1975 Energy Policy and Conservation Act (EPCA). Oil companies strongly favored the deregulation of prices, since it would increase their profits, but some ...
In a famous speech on April 18, 1977, Carter compared the energy crisis to "the moral equivalent of war" and predicted that money spent on imported oil would vastly increase by 1985.
Low: The energy crisis and the ‘malaise’ speech. In addition to high prices for groceries and bank loans, foreign conflicts created a strain on the U.S. oil supply, and Americans grew panicky ...
The sudden doubling of crude oil prices by OPEC, the world's leading oil exporting cartel, [161] forced inflation to double-digit levels, averaging 11.3% in 1979 and 13.5% in 1980. [152]
Jimmy Carter’s time at the White House left a deep ... Carter delivered a televised speech in which he declared the energy crisis the "moral equivalent of war." ... The 50% drop in oil imports ...