The dramatic upheaval in oil prices in the 1970s posed difficult policy dilemmas for the United States. Like other industrial importing nations, the United States was forced to make decisions concerning how to adjust its economy and society to the new and troubling international energy reality. From the Nixon to the Carter administrations, government officials attempted to implement policies of energy adjustment. These efforts began with ill-fated international schemes to form a “consumer cartel” of industrial nations, and ended with the decision in 1979 to decontrol oil prices.
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