1973 oil crisis - Nixon announced the end of the quota system

Time: 1973

Place: U.S.

Details: In 1973, Nixon announced the end of the quota system. Between 1970 and 1973 US imports of crude oil had nearly doubled, reaching 6.2 million barrels per day in 1973. Until 1973, an abundance of oil supply had kept the market price of oil lower than the posted price.

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