Skip to main content

November 1975

Oil Price Controls: A Counterproductive Effort

by Hans H. Helbling and James E. Turley

The U.S. oil industry has been subjected to varying degrees of price controls since August 1971 when general price controls were levied on the entire U.S. economy. As controls were “phased-out” in other industries, more stringent price regulations were imposed on the oil industry in response to the October 1973 oil embargo and the subsequent quadrupling of world oil prices.