I think you're right. This story says that Nixon imposed price controls because of the spike in prices from the decreased production coordinated by OPEC. But then:
"By the Iranian oil crisis in 1979, the controls had grown unsustainable as oil prices escalated in global markets. With lines forming once again and fistfights breaking out at…
I think you're right. This story says that Nixon imposed price controls because of the spike in prices from the decreased production coordinated by OPEC. But then:
"By the Iranian oil crisis in 1979, the controls had grown unsustainable as oil prices escalated in global markets. With lines forming once again and fistfights breaking out at the pump, President Carter quickly waived most of the controls on oil and gas prices to make more fuel available. The resulting sharp price increases ushered in a new nightmare: double-digit inflation, as businesses quickly passed on their higher fuel costs and workers’ unions demanded cost- of-living increases to keep pace with higher prices. The surge in inflation put the Federal Reserve in crisis mode. It ordered its largest-ever increase in interest rates in October 1979, plunging the economy into a deep recession."
I think you're right. This story says that Nixon imposed price controls because of the spike in prices from the decreased production coordinated by OPEC. But then:
"By the Iranian oil crisis in 1979, the controls had grown unsustainable as oil prices escalated in global markets. With lines forming once again and fistfights breaking out at the pump, President Carter quickly waived most of the controls on oil and gas prices to make more fuel available. The resulting sharp price increases ushered in a new nightmare: double-digit inflation, as businesses quickly passed on their higher fuel costs and workers’ unions demanded cost- of-living increases to keep pace with higher prices. The surge in inflation put the Federal Reserve in crisis mode. It ordered its largest-ever increase in interest rates in October 1979, plunging the economy into a deep recession."
Good times, good times.
https://www.washingtontimes.com/news/2006/may/15/20060515-122820-6110r/