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Today in History: Reagan Lifts Price Controls, Sparks 1980s Oil Glut

1/28/2026

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Summary

Story summary

On January 28, 1981, President Ronald Reagan lifted price controls on petroleum products, a move that significantly contributed to the 1980s oil glut. This decision followed a period of high oil prices and was aimed at stimulating production and reducing government intervention in the market, ultimately leading to a dramatic drop in oil prices.

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Story summary

On January 28, 1981, President Ronald Reagan lifted price controls on petroleum products, a move that significantly contributed to the 1980s oil glut. This decision followed a period of high oil prices and was aimed at stimulating production and reducing government intervention in the market, ultimately leading to a dramatic drop in oil prices.