Passing a law prohibiting prices above a legal limit

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The United States experienced two oil shocks during the 1970s in the aftermath of the Middle East tensions. Congress said no to high oil prices by passing a law prohibiting prices above a legal limit. Supporters of such price controls said this was a way to ensure adequate supply without allowing oil producers to earn excess profits. Did price controls increase, decrease, or have no effect on U.S. oil production during the 1970s?

Reference no: EM131002563

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