President of the U.S., 1981-1989; Republican Governor (CA)
Decontrolled oil prices, but didn’t fill oil reserves
Reagan removed controls on oil prices. The result was lower prices and a glut. Had Reagan taken advantage of this to fill the nation’s strategic reserves with cheap oil or to reduce U.S. dependency on foreign oil by imposing an oil import fee,
or to encourage conservation through a tax, he would have left his successor less a prisoner of events in the Middle East. But Reagan abhorred taxes, and he did not accept the necessity of conservation. His trust was in the marketplace.
Source: The Role of a Lifetime, by Lou Cannon, p. 823
Jul 2, 1991
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