Emergency Petroleum Allocation Act

The Emergency Petroleum Allocation Act of 1973 was a U.S. law that required the President to promulgate regulations to allocate and control price of petroleum products in response to the 1973 oil crisis.
It was extended by the Energy Policy and Conservation Act of 1975. The regulations were first decontrolled through a phase-in process by President Jimmy Carter in 1979, and then fully withdrawn by President Ronald Reagan with of January 28, 1981.
In 1973 and again in 1979 the US Government took control of private stocks of oil under this law.