Think Freely Media presents Common Sense with Paul Jacob

Oil Deregulated

On Jan. 28, 1981, President Ronald Reagan lifted the federal government’s remaining domestic petroleum price and allocation controls in the United States, helping to end the 1970s energy crisis and begin the 1980s oil glut.

The deregulatory move had been begun by Democrats in Congress, particularly Sen. Ted Kennedy, but had been placed on a gradual schedule, and the whole effort clouded with talk of “windfall profits” and a tax on those allegedly unfair returns on investment.

By: Redactor

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