What was the impact of the 1970's oil embargos on the US Economy and on American citizens?

Question

What steps were taken by the government to alleviate the crisis? Which actions were effective and which were not?

Answer 1

I remember that the federal government imposed a national highway speed limit of 55 mph.  There were gasoline shortages and long lines at gas stations.  Another thing the government did was to form the strategic reserve which is a reserve of oil stored away in case of a national emergency.  Originally it was suppopsed to be a 30 day suply, but I think it was increases to a 60 day supply.

Answer 2

There was a crisis in 1973 and again in 1979. There was stagflation.  You could only buy gas on certain days here. It depended on your license plate #.  The speed limits were reduced.  I believe Pres. Nixon wanted to institute price controls but Congress didn't go along.  At some time during the early 70s, the gold standard was removed. Jimmy Carter, well he didn't do anything but give the Panama Canal away.  The election of Ronald Reagan fixed the Carter problem.

I guess more oil production and more gas efficient vehicles were the answer.