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 In October 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC) announced that it was implementing a total oil embargo against countries that had supported Israel at any point during the 1973 Yom Kippur War, which began after Eg ...

. 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 p ...

of 1975. The regulations were first decontrolled through a phase-in process by President

Jimmy Carter James Earl Carter Jr. (October 1, 1924December 29, 2024) was an American politician and humanitarian who served as the 39th president of the United States from 1977 to 1981. A member of the Democratic Party (United States), Democratic Party ...

in 1979, and then fully withdrawn by President

Ronald Reagan Ronald Wilson Reagan (February 6, 1911 – June 5, 2004) was an American politician and actor who served as the 40th president of the United States from 1981 to 1989. He was a member of the Republican Party (United States), Republican Party a ...

with 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.
)

References

1973 oil crisis 1973 in American law November 1973 in the United States 93rd United States Congress United States federal energy legislation Petroleum politics Presidency of Richard Nixon {{US-law-stub