The “Energy Crisis” was a dominating political issue

» 1974: Henry “Scoop” Jackson railed at oil executives in Congressional hearings for their “obscene profits” » 1974: Congress authorizes the Alaska oil pipeline » 1975: Vice-President Nelson Rockefeller proposes a $100 billion program to replace imported oil with synthetic fuels » 1975: Ambitious fuel efficiency standards were imposed on the automobile industry » 1977-78: Ill-advised government controls (price controls, entitlements, allotments) on the domestic oil and gas industry were gradually dismantled under the Carter Administration

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select page home America 1973 best of times Yom Kippur War oil shock and inflation inflation unemployment equity markets fall automobile sales steel industry economy transformed international banking energy crisis fear oil shock inflation 2 eroding dollar iran revoluation second oil shock inflation spiral central bank interest rates auto industry death disinflation Carter slowdown third world debt oil price drop not forever today another oil shock