[LibFreeOrDie]

The 1973 gas rationing was caused by the Arab OPEC countries placing an embargo on oil exports to certain countries.

http://en.wikipedia.org/wiki/1973_oil_crisis

[kempo]

Thats partly true. Nixon fixed the price of domestic oil at something like $3 a barrel. People who owned domestic wells shut them down because it was below market price and we became dependent on foreign oil for our supply. One thing Jimmy Carter did do right was to let domestic oil be sold at market price. Within a few years we were again drilling and pumping heavy in this country and the price stabilized for a long time. That is until congress refused to allow new leases in the gulf and Alaska. So here we are with $4 gas.