President Carter has signed a bill calling for deregulating the oil industry. West Texas intermediate oil is about $15.85 for a 42 gallon barrel (160 liters).
Deregulating domestic oil price controls will allow U.S. oil output to rise sharply from the large Prudhoe Bay fields, while oil imports fell sharply.
Price controls never have worked as all they do is create a distortion in the equilibrium. Unilateral supply or demand management does not work in the long term. Price of oil is likely to rise considerably but a new equilibrium should be reached in due course.
American unemployment had risen from 5.1% in January 1974 to a high of 9.0% in May 1975. Situation in Canada is even worse.