Before 1982, was oil price somehow fixed? If not, what was the WTI spot daily (or even intraday?) maximum during 1980 and early 1981 (Second Oil Shock)? *Traitor*, n. A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.
Prior to that, I don't think there was much transparency in the US (or any other) market.
NYMEX Oil History
Of course, when Texas peaked and could no longer meet the set targets, the US had to import at world clearing price. This was painless in the beginning, as it was not far from domestic price, and very low volatility (from the earlier period when the US was the N°1 producer of oil and a major, though declining, exporter).
When the embargo was enacted, the domestic set price made US oilcos unable to bid for very long internationally (they would buy abroad for more than refineries would pay, by law) and that was the real reason for the gas queues and shortages (the price at the pump did not budge at first, the oilcos just stopped selling it a loss).
It quickly became obvious that the price control was a suicide scheme and it was lifted in the midst of the oil shock (and fluctuating pump price was the next shock to americans). Pierre
But, in the broader sense, yes, it was the loss of price making power in the US by US swing producers that eliminated the system for stabilizing oil prices, and opened the way for Saudi Arabia to emerge as the most important swing producer. Utsukushikereba sore de ii
