chapter  12
8 Pages

The Decontrol of Domestic Oil Prices: An Overview CONGRESSIONAL BUDGET OFFICE

On April 5, 1979, the President announced his decision to decontrol domestic crude oil prices gradually starting on June 1, 1979, so that domestic prices would reach the world price by October 1, 1981. Since the Energy Policy and Conservation Act (EPCA) of 1975 gave the President discretionary authority to decontrol prices during that period, only new legislation by the Congress could limit the exercise of that authority.