The Emergency Petroleum Allocation Act of 1973 (EPAA) 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.
In 1973 and again in 1979 the US Government took control of private stocks of oil under this law. (Jaffe & Soligo, "The role of inventories in oil market stability", Quarterly Review of Economics and Finance 42. 2002. )
|Emergency Petroleum Allocation Act|
|Long title||An Act to amend Public Law 93-60 to increase the authorization for appropriations to the Atomic Energy Commission in accordance with Section 261 of the Atomic Energy Act of 1954, as amended, and for other purposes.|
|Enacted by||the 93rd United States Congress|
|Effective||November 27, 1973|
|Statutes at Large||87 Stat. 627|
The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo. The embargo was targeted at nations perceived as supporting Israel during the Yom Kippur War. The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom and the United States with the embargo also later extended to Portugal, Rhodesia and South Africa.
By the end of the embargo in March 1974, the price of oil had risen from US$3 per barrel to nearly $12 globally; US prices were significantly higher. The embargo caused an oil crisis, or "shock", with many short- and long-term effects on global politics and the global economy. It was later called the "first oil shock", followed by the 1979 oil crisis, termed the "second oil shock."1973 world oil market chronology
January 11: U.S. Phase III price controls begin. Allows for voluntary instead of mandatory price control on all U.S. prices. This does not prevent a sharp rise in heating oil prices caused by a severe winter and shortage of product.
January 17: President Richard Nixon suspends mandatory oil import quota on No. 2 heating oil through April 30.
January 23: Shah of Iran announces that the 1954 operating agreement between a consortium of oil companies and Iran will not be renewed when it expires in 1979. The consortium was formed in 1954 as a means to settle a dispute between a new ministry in Iran and the Anglo-Iranian Oil Company (AIOC). The consortium included Standard Oil of New Jersey, Standard Oil of California, SOCONY-Vacuum, the Texas Company, Gulf, Royal Dutch-Shell, the Compagnie Francaise de Petroles, and the AIOC.
February 28: Iraq and IPC reach an agreement on compensation for nationalization.
March:Special Rule No. 1 reimposes mandatory (Phase II) price controls on the 23 largest oil companies. Smaller companies, representing 5 percent of the market, enjoy uncontrolled prices.
March 16: Shah of Iran and Consortium members agree to nationalize all assets immediately in return for an assured 20-year supply of Iranian oil.
March 16: OPEC discusses raising prices to offset decline of U.S. dollar value.
April 1: OPEC increases posted prices by 5.7 percent.
April 18: U.S. Government ends Mandatory Oil Import Program. Program, established in 1959 by President Dwight D. Eisenhower, had limited imports of crude and product east of the Rocky Mountains to a percentage of domestic crude production.
June 1: Eight OPEC countries raise posted prices by 11.9 percent.
June 11: Libya nationalizes Bunker Hunt concession; Nigeria acquires 35 percent participation in Shell-BP concession.
June 14: Nixon administration imposes 60-day economy-wide price freeze, superseding Special Rule No. 1 for oil companies.
Aug :Libya nationalizes 51 percent of Occidental Petroleum concession and of the Oasis consortium.
August 17: President Nixon's Cost of Living Council imposes two-tier price ceiling on crude petroleum sales: production of "old" oil (that produced at or below 1972 levels from existing wells) to be sold at March 1973 prices plus 35 cents; production of "new" oil (that produced above 1972 levels from existing wells and oil produced from new wells) to be sold at uncontrolled prices.
September 1: Libya nationalizes 51 percent of nine other companies' concessions: Esso, Libya/Sirte, Mobil, Shell, Gelensberg, Texaco, SoCal, Libyan-American (ARCO), and Grace.
September 5: Conference of less developed countries approves forming "producers' associations," calls for withdrawal of Israeli forces from occupied Arab lands.
September 15: OPEC supports price hikes and designates six Persian Gulf countries to negotiate collectively with companies over prices. Other members to negotiate individually.
September:Kuwait rejects gradual participation increase plan, insists on immediate 60 percent participation.
October 6: Beginning of fourth Arab-Israeli War.
October 7: Iraq nationalizes Exxon and Mobil shares in Basrah Petroleum Company representing 23.75 percent equity in the company.
October 8: OPEC meets with oil companies to discuss revision of 1971 Tehran agreement and oil prices. Negotiations fail.
October 16: Six Gulf countries (Iran, Iraq, Abu Dhabi, Kuwait, Saudi Arabia and Qatar) unilaterally raise the posted price of Saudi Light marker crude 17 percent from $3.12 to $3.65 per barrel and announce production cuts.
October 17: OPEC oil ministers agree to use oil weapon in Arab-Israeli War, mandate cut in exports, and recommend embargo against unfriendly states.
October 19: President Nixon requests Congress to appropriate $2.2billion in emergency aid for Israel. Libya, Saudi Arabia and other Arab states proclaim an embargo on oil exports to the United States.
October 23: Arab oil embargo extended to the Netherlands.
November 5: Arab producers announce 25 percent cut in production below September levels. Further cuts of five percent are threatened.
November 18: Arab oil ministers cancel the scheduled 5 percent cut in production for EEC.
November 23: Arab summit conference adopts open and secret resolutions on the use of the oil weapon. Embargo extended to Portugal, Rhodesia, and South Africa.
November 27: President Nixon signs the Emergency Petroleum Allocation Act (EPAA). Authorizes petroleum price, production, allocation and marketing controls.
December 9: Arab oil ministers announce a further production cut of 5 percent for January for non-friendly countries.
December 22: OPEC Six Gulf countries decides to raise the posted price of marker crude from $5.12 to $11.65 per barrel effective January 1, 1974.
December 25: Arab oil ministers cancel January 5 percent production cut. Saudi Arabian oil minister promises 10 percent OPEC production rise.Deregulation
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 touted as necessary to limit externalities like corporate abuse, unsafe child labor, monopolization, pollution, and to mitigate boom and bust cycles. Around the late 1970s, such reforms were deemed as burdensome on economic growth and many politicians espousing neoliberalism started promoting deregulation.EPAA
EPAA may refer to:
Executive Personal Assistant Association
East Pasco Adventist Academy, Dade City, Florida
Education Policy Analysis Archives
Emergency Petroleum Allocation Act of 1973
Environmental Planning and Assessment Act 1979
European Partnership for Alternative Approaches to Animal Testing
European Phased Adaptive ApproachEconomic Stabilization Act of 1970
The Economic Stabilization Act of 1970 (Title II of Pub.L. 91–379, 84 Stat. 799, enacted August 15, 1970, formerly codified at 12 U.S.C. § 1904) was a United States law that authorized the President to stabilize prices, rents, wages, salaries, interest rates, dividends and similar transfers. It established standards to serve as a guide for determining levels of wages, prices, etc., which would allow for adjustments, exceptions and variations to prevent inequities, taking into account changes in productivity, cost of living and other pertinent factors.Energy Policy and Conservation Act
The Energy Policy and Conservation Act of 1975 (EPCA) (Pub.L. 94–163, 89 Stat. 871, enacted December 22, 1975) 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.Temporary Emergency Court of Appeals
The Temporary Emergency Court of Appeals was established by the United States Congress in December 1971 with exclusive jurisdiction to hear appeals from the decisions of the U.S. district courts in cases arising under the wage and price control program of the Economic Stabilization Act of 1970.
Congress authorized the Chief Justice of the United States to appoint to the temporary court three or more district and appeals court judges, each of whom was to serve on a part-time basis for an indefinite term. The court exercised the same powers as a U.S. court of appeals, and it was authorized to prescribe its own rules of practice, which it did when its three district and six circuit court judges convened for the first time in February 1972. The Temporary Emergency Court of Appeals was modeled on the Emergency Court of Appeals, which was established in 1942 to hear appeals in cases involving various wartime price control measures and which heard its last case in 1961.
It was created by the Act of December 22, 1971 (Pub.L. 92–210, 85 Stat. 743). Although the Economic Stabilization Act expired in 1974, Congress extended the operation of the Temporary Emergency Court of Appeals in the Emergency Petroleum Allocation Act of 1973. The court exercised the judicial review provisions of the energy price stabilization program established by the act. The temporary court’s jurisdiction was further expanded in the Energy Policy and Conservation Act of 1975 and the Emergency Natural Gas Act of 1977 (91 Stat. 4). The Act of October 29, 1992 (Pub.L. 102–572, 106 Stat. 4506) abolished the Temporary Emergency Court of Appeals and transferred both its jurisdiction and its pending cases to the U.S. Court of Appeals for the Federal Circuit effective March 29, 1993.Timeline of the Jimmy Carter presidency (1980)
The following is a timeline of the Presidency of Jimmy Carter from January 1, 1980, to December 31, 1980.United States Court of Appeals for the Federal Circuit
The United States Court of Appeals for the Federal Circuit (Federal Circuit; in case citations, Fed. Cir. or C.A.F.C.) is a United States court of appeals headquartered in Washington, D.C. The court was created by Congress with passage of the Federal Courts Improvement Act of 1982, which merged the United States Court of Customs and Patent Appeals and the appellate division of the United States Court of Claims, making the judges of the former courts into circuit judges. The Federal Circuit is particularly known for its decisions on patent law, as it is the only appellate-level court with the jurisdiction to hear patent case appeals.The court occupies the Howard T. Markey National Courts Building, and the adjacent Benjamin Ogle Tayloe House, the former Cosmos Club, and the Cutts-Madison House in Washington, D.C. The court sits from time to time in locations other than Washington, and its judges can and do sit by designation on the benches of other courts of appeals and federal district courts. Washington and Lee University School of Law's Millhiser Moot Courtroom serves as the continuity of operations site for the court.