Emergency Petroleum Allocation Act
Richard M. Nixon on November 27, 1973 |
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.
It was extended by the Energy Policy and Conservation Act of 1975. The regulations were withdrawn by President Reagan in Executive Order 12287 of January 28, 1981.
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. )
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