Dominating Factors of Oil & Gas

· 1979: Carter brings about a program to remove oil price controls and asks congress for a windfall profits tax on oil companies.

· May 26, 1979: retail gas price rises an average of .15 cents a gallon

· Oil shock from 1978-1980 that lead to increased crude prices by 110%, which lead to a recession in the U.S.

· 1978-1983: oil consumption declined. Started at 18.9 MMbbl/d to 15.2 MMbbl/d (20% decline)

· 1979: Iranian revolution broke out and leads the oil markets being savaged. This lead to another recession in the U.S. within a year.

· 1979: Energy Department accuses nine major oil companies of going over the federal price ceilings

· Price control caused consumers to pay 50% more for imported oils.

· OPEC raised oil prices in 1979

· Oil prices were at their highest from 1980 to 1983

· Oil prices doubled from $14 million in 1978 to $35 million a barrel in 1981

· 1980: U.S. loses control of oil prices. U.S. expects to collect $227 billion in revenues in next 10 years.

· With all of the prices raising it lead to a cut-back on consumer spending.



Sources

Historical Crude Oil Prices (Table). 4 October 2009.http://www.inflationdata.com/ /inflation/Inflation_Rate/Historical_Oil_Prices_Table.asp

American Decades: Primary Sources 1970-1979. “Government and Politics” (pp.211-212) Thomson Gale


American Decades: Primary Sources 1980-1989. “Government and Policts” (pp. 210-214). Thomson Gale


Encyclopedia of War and American Soceity Volume 3. “Chronology” (pp. 984-985) Peter Karsten

What Oil Price Can America Really Afford?. “The burden of oil consumption.”. 5 October 2009. http://www.thecuttingedgenews.com/index.php?article=11440


Leonard, Thomas, and Crippen, Cynthia, and Aronson, Marc.Day By Day: The Seventies. Volume 2. “U.S. Government & Environment” (pp. 928-1131)


Meltzer, Ellen, and Aronson, Marc. Day By Day: The Eighties.Volume 1. “U.S. Government & Enviroment”.