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The Impact of President Reagan's Sudden Decontrol of Petroleum Prices on Petroleum Consumption

Abstract:
President Reagan lifted all petroleum price controls shortly after he took office. Previously, the Carter administration had scheduled these controls to be eliminated gradually, with complete decontrol occurring by October 1, 1981. It is of interest to determine the effect of the sudden decontrol on petroleum consumption; in order to measure this effect, the role played by price must be isolated.

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Energy Specializations: Petroleum – Policy and Regulation

JEL Codes: Q41: Energy: Demand and Supply; Prices, L71: Mining, Extraction, and Refining: Hydrocarbon Fuels, Q40: Energy: General, Q35: Hydrocarbon Resources, Q37: Nonrenewable Resources and Conservation: Issues in International Trade

Keywords: Oil, Price controls, Oil demand, US

DOI: 10.5547/ISSN0195-6574-EJ-Vol2-No3-9


Published in Volume 2, Number 3 of The Quarterly Journal of the IAEE's Energy Economics Education Foundation.