How was the gasoline crisis of the 1970s resolved?

How was the gasoline crisis of the 1970s resolved resolved by the federal government?

Price controls were removed by Reagan.
The Republicans solved the crisis.
The Carter administration went out, and the Reagan administration went in.
The recession cut the demand for gas and prices fell.

It was Paul Volker - appointed by Carter, who was responsible for the greatest recession since the great depression and also ending inflation.
It origionally got much worse than it needed to be because the government pumped money into the economy, (increased money supply). Finally they figured out this was stupid and started reducing the money supply and things settled out.

A situation that wouldn't have been that bad was actually made worse by the government trying to interfere.
What really happened was that the "price gouging" laws had to be repealed. At the artificially low price (premium was 40 cents a gallon in 1972) that was mandated by government, peoples' demand outstripped the oil companies' ability to produce at a profit, so they curtailed production. When the price caps were lifted (and gas went to a buck a gallon), the "shortage" went away, and people re-adjusted the other things in their lives to pay for the gasoline. Just like in real life (when the government isn't meddling).

Both political parties, naturally, claimed credit and assigned blame.
And CERTAINLY NOT by the federal government!
We are STILL dealing with it TODAY!
There were stories of gasoline trucks dumping their loads in the deserts and other unpopulated areas while the oil companies were crying "shortage"!
Yes, I even saw a video of this on the nightly news! Investigations and prosecutions were promised.
Of course, that video only aired ONE TIME and then disappeared instantly! The promised investigations never materialized and no one was ever prosecuted.
As soon as the price broke the $1.00 a gallon mark, there was suddenly and magically all the gas anyone needed!

Despite the sudden abundance of gas where there had been a "shortage" no time at all before, prices raised because of the "shortage" never came back down and have just continued to climb since then - without ever a look back!
Even as stories of new shortages surfaced from time to time, our federal government continued - and STILL continues - to export oil products at small fractions of the prices we Americans are paying for the same things!

The ONLY part the federal government played was to squash potential investigations, cover for the oil companies' greedy grab and export gasoline and other petroleum products for pennies-on-the-dollar to what YOU and I pay for them - all the while justifying OUR high prices with the claims that we don't have enough for ourselves.
That's ALL they did THEN and it's ALL they'll do NOW!
it wasnt

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