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  • Featured Analysis
  • The Crazy Crude Oil Price Controls of the 1970s

  • April 18, 2018

  • In August 1971, President Richard Nixon enacted comprehensive wage-and-price controls in a misguided effort to contain inflationary pressures. (Contrary to the faulty memories of some Americans, this initial round of controls wasn’t due to the OPEC oil embargo, which didn’t occur until 1973.) Free-market economists like to use the long lines at the gas pump as a great teaching example of the problems with price controls. Yet the controls at the consumer an...
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In August 1971, President Richard Nixon enacted comprehensive wage-and-price controls in a misguided effort to contain inflationary pressures. (Contrary to the faulty memories of some Americans, this initial round of controls wasn’t due to the OPEC oil embargo, which didn’t occur until 1973.) Free-market economists like to use the long lines at the gas pump as a great teaching example of the problems with price controls. Yet the controls at the consumer an... Read More
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