That's hilarious. There was this guy - right before Regan came along who brought you the absolute worst inflation and an energy crisis that made people wait in lines for hours. It also made people move closer to work because they couldn't afford to drive. Interest rates on a home hovered around 12%. But you'll gloss right over that. No one had to buy Regan, -------------- could have beat Carter.
#34 | Posted by lfthndthrds
Allow AI to make you less ignorant:
High gas prices during Jimmy Carter were mostly driven by global oil shocks and long-running energy problems that started before he became president " though some of his policies and political decisions affected how Americans experienced them.
Here's the short version:
The roots predated Carter.
The worst spike happened during his presidency.
He wasn't solely responsible, but he also didn't fully solve it.
What caused the gas crisis?
Two major international oil shocks were the main drivers:
1973"74 Arab oil embargo
During the presidency of Richard Nixon, Arab members of OPEC cut oil exports to the U.S. after the Yom Kippur War.
This caused:
fuel shortages
long gas station lines
rapidly rising prices
inflation
The U.S. economy entered the Carter years already struggling with energy dependence and inflation.
1979 Iranian Revolution
During Carter's presidency, the Iranian Revolution disrupted oil production from one of the world's biggest exporters. Even though the actual global oil supply loss was moderate, panic buying and market fear drove prices sharply higher.
This triggered the famous gas lines Americans associate with Carter.
Problems that existed before Carter
Several deeper issues had built up over decades:
U.S. oil production had peaked in the early 1970s.
Americans were using larger, less fuel-efficient cars.
The economy depended heavily on cheap gasoline.
Federal price controls on oil and gas (begun before Carter) distorted markets and contributed to shortages.
Inflation was already high before Carter took office.
What Carter did
Carter actually pushed major energy reforms:
created the United States Department of Energy
promoted energy conservation
encouraged solar and alternative energy
supported fuel efficiency standards
began deregulating oil prices in stages
He famously gave speeches warning Americans that dependence on foreign oil was a long-term national problem.
Some economists argue that continued price controls worsened shortages temporarily, while others say sudden deregulation would have caused even sharper price spikes.
Why Carter still got blamed
Presidents usually get blamed for economic pain happening on their watch, even when causes are global.
Carter faced:
inflation
recession
unemployment
the hostage crisis in Iran
visible gas lines
All of that combined into a public sense that the country was in decline, which hurt him politically.
Historical consensus
Most historians and economists would say:
Carter did not create the underlying energy crisis.
The crisis was heavily tied to international oil markets and earlier policy choices.
Some policies during his administration may have worsened or prolonged shortages.
He correctly identified long-term energy dependence as a major vulnerability years before it became widely accepted.
So the fairest answer is: high gas prices under Carter were largely the result of broader global and structural problems already underway before he took office, though his administration became politically identified with the crisis because the worst visible shortages happened during his presidency.
$20 says he lives alone.