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PETROLEUM CHRONOLOGY OF EVENTS 1970 - 2000

May 2002

National security and environmental quality concerns were important forces affecting the U.S. petroleum industry during the past 30 years. Much of the Federal legislation on petroleum was directly or indirectly associated with limiting petroleum imports or reducing petroleum-related pollution (Figure below). Several political and economic events that occurred between 1970 and 2000 were critical because of the Nation's dependence on petroleum imports.
See Chart: Petroleum Chronology.
These events created broad changes in the way petroleum is produced, imported, stored, transported, and consumed in the United States. The petroleum industry's course as it responded to the events, and the impact on the U.S. economy, are described here. The information for each event in the chronology is organized, with bullets emphasizing the major points, in the following manner:
Description: of the event illustrates what happened.
Industry Action/Reaction describes how the U.S. petroleum industry dealt with the effects of the event.
Results describe the impacts of the event and petroleum industry action/reaction on domestic and/or foreign petroleum prices, consumption patterns, and other related economic activity.

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Contents

Consolidation, Concentration and Restructuring 1995 - 2000

Phased Reduction in Vehicle Emissions 1992 - 2000

The Energy Policy Act of 1992

Dissolution of the Soviet Union in 1991

Oil Pollution Liability and Compensation Act of 1990

Persian Gulf Crisis of 1990-1991

Clean Air Act Amendments of 1990

Reid Vapor Pressure Regulations of 1989 and 1992

Crude Oil Price Collapse of 1986

Petroleum Price and Allocation Decontrol in 1981

Iranian Revolution of 1978-1979

Powerplant and Industrial Fuel Use Act of 1978

Airline Deregulation Act of 1978

Department of Energy Organization Act of 1977

Energy Policy and Conservation Act of 1975

Emergency Petroleum Allocation Act of 1973

Arab Oil Embargo of 1973

Clean Air Act Amendments of 1970



Consolidation, Concentration and Restructuring 1995 - 2000

Description: Industry Action/Reaction: Results:

Back to the Top





Phased Reduction in Vehicle Emissions 1992 - 2000

Description: Industry Action/Reaction: Results:

Back to the Top



The Energy Policy Act of 1992

Description: Industry Action/Reaction: Results:

Back to the Top



Dissolution of the Soviet Union in 1991

Description: Industry Action/Reaction: Results:

Back to the Top



Oil Pollution Liability and Compensation Act of 1990

Description: Industry Action/Reaction: Results:

Back to the Top



Persian Gulf Crisis of 1990-1991

Description: Industry Action/Reaction: Results:

Back to the Top



Clean Air Act Amendments of 1990

Description: Industry Action/Reaction: Results:

Back to the Top



Reid Vapor Pressure Regulations of 1989 and 1992

Description: Industry Action/Reaction: Results:

Back to the Top



Crude Oil Price Collapse of 1986

Description: Industry Action/Reaction: Results:

Back to the Top



Petroleum Price and Allocation Decontrol in 1981

Description: Industry Action/Reaction: Results:

Back to the Top



Iranian Revolution of 1978-1979

Description: Industry Action/Reaction: Results:

Back to the Top



Powerplant and Industrial Fuel Use Act of 1978

Description: Industry Action/Reaction: Results:

Back to the Top



Airline Deregulation Act of 1978

Description: Industry Action/Reaction:

Results:

Back to the Top



Department of Energy Organization Act of 1977

Description: Results:

Back to the Top



Energy Policy and Conservation Act of 1975

Description: Industry Action/Reaction: Results:

Back to the Top



Emergency Petroleum Allocation Act of 1973

Description: Industry Action/Reaction: Results:

Back to the Top



Arab Oil Embargo of 1973

Description: Industry Action/Reaction: Results:

Back to the Top



Clean Air Act Amendments of 1970

Description: Industry Action/Reaction: Results:

Back to the Top




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