The Emergency Petroleum Allocation Act of 1973 (EPAA) was a U.S. law that required the President to promulgate
regulations
Regulation is the management of complex systems according to a set of rules and trends. In systems theory, these types of rules exist in various fields of biology and society, but the term has slightly different meanings according to context. Fo ...
to allocate and control price of petroleum products in response to the
1973 oil crisis
The 1973 oil crisis or first oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries (OAPEC), led by Saudi Arabia, proclaimed an oil embargo. The embargo was targeted at nations that had su ...
.
It was extended by the
Energy Policy and Conservation Act
The Energy Policy and Conservation Act of 1975 (EPCA) () is a United States Act of Congress that responded to the 1973 oil crisis by creating a comprehensive approach to federal energy policy. The primary goals of EPCA are to increase energy pro ...
of 1975. The regulations were withdrawn by President
Reagan
Ronald Wilson Reagan ( ; February 6, 1911June 5, 2004) was an American politician, actor, and union leader who served as the 40th president of the United States from 1981 to 1989. He also served as the 33rd governor of California from 1967 ...
in of January 28, 1981.
In 1973 and again in 1979 the US Government took control of private stocks of oil under this law.
Jaffe & Soligo, "The role of inventories in oil market stability", Quarterly Review of Economics and Finance 42. 2002.)
1973 in law
93rd United States Congress
United States federal energy legislation
Petroleum politics
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