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After just two days, on August 15, 1945, Japan surrendered, and World War II gas rationing was ended on the West Coast of the United States. [17] [18] Posters with, 'When you ride ALONE you ride with Hitler!' were created to reinforce the message that it is the Americans patriotic duty to share rides to help the war cause.
The Office of Price Administration (OPA) was established within the Office for Emergency Management of the United States government by Executive Order 8875 on August 28, 1941. The functions of the OPA were originally to control money (price controls) and rents after the outbreak of World War II. [3]
West Texas Intermediate oil price history from 1950–2000, adjusted for inflation (1947 prices). In October 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC) announced that it was implementing a total oil embargo against countries that had supported Israel at any point during the 1973 Yom Kippur War, which began after Egypt and Syria launched a large-scale surprise attack ...
During the early period of gasoline engine development, aircraft were forced to use motor vehicle gasoline since aviation gasoline did not yet exist. These early fuels were termed "straight-run" gasolines and were byproducts from the distillation of a single crude oil to produce kerosene , which was the principal product sought for burning in ...
The price system was an attempt to keep the average price low while encouraging new production. [22] The last federal price controls on natural gas were removed by the Natural Gas Decontrol Act of 1989, which phased out the last remaining price control as of 1 January 1993. [23]
In the 1940s, the price of oil was about $17, rising to just over $20 during the Korean War (1951–1953). During the Vietnam War (1950s–1970s) the price of oil slowly declined to under $20. During the Arab oil embargo of 1973—the first oil shock—the price of oil rapidly rose to double in price.
A temporary war economy can also be seen as a means to avoid the need for more permanent militarization. During World War II, U.S. President Franklin D. Roosevelt stated that if the Axis powers won, then "we would have to convert ourselves permanently into a militaristic power on the basis of war economy." [3]
Sugar prices spiked in the 1970s because of Soviet Union demand/hoarding and possible futures contracts market manipulation. The Soviet Union was the largest producer of sugar at the time. In 1974, Coca-Cola switched over to high-fructose corn syrup because of the elevated prices. [6] [7] [verification needed] Sugar prices 1962–2022