CLICK TO READ: Hearings on the Hill in 1974: Oil's Big Profits, High Prices
A 1974 perspective: "The public is irate. Congress feels the heat. The leaders of Big Oil are summoned to hearings to explain their secretive actions. It's January 1974, the last time oil executives trudged to Capitol Hill for a famous appearance before lawmakers looking into prices and profits. Gasoline supplies are short, lines snake around stations, and prices have soared to 50 cents a gallon (adjusted for inflation, that would be $2.02)...."
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