The Carter Doctrine was a policy proclaimed by President of the United States Jimmy Carter in his State of the Union Address on January 23, 1980, which stated that the United States would use military force, if necessary, to defend its national interests in the Persian Gulf. It was a response to the Soviet Union's intervention in Afghanistan in 1979, and it was intended to deter the Soviet Union, the United States' Cold War adversary, from seeking hegemony in the Persian Gulf region.
Deregulation is the process of removing or reducing state regulations, typically in the economic sphere. It is the repeal of governmental regulation of the economy. It became common in advanced industrial economies in the 1970s and 1980s, as a result of new trends in economic thinking about the inefficiencies of government regulation, and the risk that regulatory agencies would be controlled by the regulated industry to its benefit, and thereby hurt consumers and the wider economy. Economic regulations were promoted during the Gilded Age, in which progressive reforms were claimed as necessary to limit externalities like corporate abuse, unsafe child labor, monopolization, and pollution, and to mitigate boom and bust cycles. Around the late 1970s, such reforms were deemed burdensome on economic growth and many politicians espousing neoliberalism started promoting deregulation.
The Organization of the Petroleum Exporting Countries is a cartel enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit. It was founded on 14 September 1960, in Baghdad by the first five members which are Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The organization, which currently comprises 12 member countries, accounted for 38 percent of global oil production, according to a 2022 report. Additionally, it is estimated that 79.5 percent of the world's proven oil reserves are located within OPEC nations, with the Middle East alone accounting for 67.2 percent of OPEC's total reserves.
This section of the timeline of United States history concerns events from 1970 to 1989
A drop in oil production in the wake of the Iranian revolution led to an energy crisis in 1979. Although the global oil supply only decreased by approximately four percent, the oil markets' reaction raised the price of crude oil drastically over the next 12 months, more than doubling it to $39.50 per barrel ($248/m3). The sudden increase in price was connected with fuel shortages similar to the 1973 oil crisis.
The question of whether to drill for oil in the Arctic National Wildlife Refuge (ANWR) has been an ongoing political controversy in the United States since 1977. As of 2017, Republicans have attempted to allow drilling in ANWR almost fifty times, finally being successful with the passage of the Tax Cuts and Jobs Act of 2017.
The Energy Policy and Conservation Act of 1975 (EPCA) is a United States Act of Congress that responded to the 1973 oil crisis by creating a comprehensive approach to federal energy policy. The primary goals of EPCA are to increase energy production and supply, reduce energy demand, provide energy efficiency, and give the executive branch additional powers to respond to disruptions in energy supply. Most notably, EPCA established the Strategic Petroleum Reserve, the Energy Conservation Program for Consumer Products, and Corporate Average Fuel Economy regulations.
For further details see the "Energy crisis" series by Facts on File.
United States energy independence is the concept of eliminating or substantially reducing import of petroleum to satisfy the nation's need for energy. Some proposals for achieving energy independence would permit imports from the neighboring nations of Canada and Mexico, in which case it would be called North American energy independence. Energy independence is espoused by those who want to leave the US unaffected by global energy supply disruptions and would restrict reliance upon politically unstable states for its energy security.
Jimmy Carter's tenure as the 39th president of the United States began with his inauguration on January 20, 1977, and ended on January 20, 1981. Carter, a Democrat from Georgia, took office following his narrow victory over Republican incumbent president Gerald Ford in the 1976 presidential election. His presidency ended following his landslide defeat in the 1980 presidential election to Republican Ronald Reagan, after one term in office. At the time of his death at the age of 100, he was the oldest living, longest-lived and longest-married president, and has the longest post-presidency.
The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis. The world price of oil had peaked in 1980 at over US$35 per barrel ; it fell in 1986 from $27 to below $10. The glut began in the early 1980s as a result of slowed economic activity in industrial countries due to the crises of the 1970s, especially in 1973 and 1979, and the energy conservation spurred by high fuel prices. The inflation-adjusted real 2004 dollar value of oil fell from an average of $78.2 in 1981 to an average of $26.8 per barrel in 1986.
The Iranian revolution of 1979, in which Shah Mohammed Reza Pahlavi was overthrown and replaced by an Islamist government led by Ruhollah Khomeini, has been the subject of conspiracy theories alleging Western involvement, in particular, that the United States and the United Kingdom secretly opposed the Shah because his White Revolution and Iran's growing independence was unfavorable to their interests in Iranian petroleum. In his own memoirs, Answer to History, the Shah alleges that Western forces most prominently the United Kingdom, the United States, and Big Oil conspired against him all for their own reasons while most notably, he claims due to his manipulation of oil prices.
Energy laws govern the use and taxation of energy, both renewable and non-renewable. These laws are the primary authorities related to energy. In contrast, energy policy refers to the policy and politics of energy.
Petroleum has been a major industry in the United States since the 1859 Pennsylvania oil rush around Titusville, Pennsylvania. Commonly characterized as "Big Oil", the industry includes exploration, production, refining, transportation, and marketing of oil and natural gas products. The leading crude oil-producing areas in the United States in 2023 were Texas, followed by the offshore federal zone of the Gulf of Mexico, North Dakota and New Mexico.
The Charter Company of Jacksonville, Florida was a conglomerate with more than 180 subsidiaries that was in the Fortune 500 for 11 years beginning in 1974 and ranked 61st in 1984. The company filed for bankruptcy protection in late 1984, eventually selling off all of its businesses and purchasing Spelling Entertainment Inc. to form Spelling Entertainment Group Inc in 1992.
Paul Laurence Bloom was an American lawyer working as a special counsel for the United States Department of Energy during the Carter Administration, who recovered $6 billion in refunds from dozens of oil producers in the United States who had overcharged as much as $11 billion for their products under price controls placed on "old oil", that had been imposed by Richard Nixon in the wake of the 1973 oil crisis, as a means to control prices and to encourage oil companies to search for new sources of petroleum that would not fall under the regulations.
The 1970s energy crisis occurred when the Western world, particularly the United States, Canada, Western Europe, Australia, and New Zealand, faced substantial petroleum shortages as well as elevated prices. The two worst crises of this period were the 1973 oil crisis and the 1979 energy crisis, when, respectively, the Yom Kippur War and the Iranian Revolution triggered interruptions in Middle Eastern oil exports.
Phillips Petroleum Co. v. Wisconsin, 347 U.S. 672 (1954), was a case decided by the Supreme Court of the United States holding that sale of natural gas at the wellhead was subject to regulation under the Natural Gas Act. Prior to this case, independent producers sold natural gas to interstate pipelines at unregulated prices with any subsequent sales for resale being regulated. The State of Wisconsin sought to close this regulatory loophole in order to keep consumer prices low. Natural gas producers argued that wellhead sales were exempt from federal regulation as "production and gathering." Below, the Federal Power Commission compiled an evidentiary record 10,000 pages long before deciding not to regulate wellhead sales. However, the courts reversed, and the case resulted in federal price controls on wellhead gas prices for the next 40 years.
The Federal Energy Administration (FEA) was a United States government organization created in 1974 to address the 1970s energy crisis, and specifically the 1973 oil crisis. It was merged in 1977 with the Energy Research and Development Administration (ERDA) into the newly created United States Department of Energy.
The following is a timeline of the presidency of Jimmy Carter, from January 1, 1979 to December 31, 1979.
