Presidential Image Gallery

President Carter Signing the National Energy Bills

November 09, 1978
Source: National Archives

On November 9, 1978, President Jimmy Carter signed the National Energy Bills, which deregulated the prices of oil and natural gas. The deregulation was predicted to increase energy supply and, consequently, lower prices. However, soon after the President signed the bill, OPEC, the oil cartel, more than doubled oil prices, which caused a significant economic downturn.  

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