Oil Prices During Gerald Ford's Presidency (1974–1977)
Gerald Ford was sworn in on August 9, 1974, on Richard Nixon's resignation, and served until January 20, 1977. EIA's daily WTI spot series begins in 1986, so this page uses the monthly U.S. crude oil first purchase price.
Crude oil is traded in a global market (EIA). The figures here describe what prices did between inauguration dates; they do not measure the effect of any president or policy.
Term: Aug 9, 1974 – Jan 20, 1977
EIA's daily WTI series begins in 1986, so this term is measured with the monthly U.S. crude oil first purchase price: the average price paid for domestic crude oil when it first changed hands, a different series that is not comparable with WTI spot prices. In September 1974, the first full calendar month of the term, it was $6.70 per barrel; in December 1976, the last, it was $8.62, up $1.92 (28.7%) over the term.
It averaged $7.78 over 28 months, ranging from $6.70 in September 1974 to $8.63 in January 1976. Federal price controls applied to domestic crude oil throughout the term; they were removed in January 1981.
Monthly first purchase price, September 1974 – December 1976
Chart data table (28 rows)
| Period | First purchase price |
|---|---|
| December 1976 | $8.62 |
| November 1976 | $8.61 |
| October 1976 | $8.46 |
| September 1976 | $8.39 |
| August 1976 | $8.03 |
| July 1976 | $8.04 |
| June 1976 | $8.00 |
| May 1976 | $7.89 |
| April 1976 | $7.86 |
| March 1976 | $7.78 |
| February 1976 | $7.91 |
| January 1976 | $8.63 |
| December 1975 | $7.93 |
| November 1975 | $7.80 |
| October 1975 | $7.83 |
| September 1975 | $7.75 |
| August 1975 | $7.73 |
| July 1975 | $7.75 |
| June 1975 | $7.49 |
| May 1975 | $7.52 |
| April 1975 | $7.55 |
| March 1975 | $7.57 |
| February 1975 | $7.47 |
| January 1975 | $7.61 |
| December 1974 | $7.09 |
| November 1974 | $6.97 |
| October 1974 | $6.97 |
| September 1974 | $6.70 |
In September 2026 dollars (CPI-U), the term began and ended at $44.61 and $49.90, and averaged $47.85. Of the 3 terms measured with the monthly U.S. crude oil first purchase price, this term's average is the lowest both in nominal terms and adjusted for inflation.
Highs, lows and term figures
| Measure | First purchase price |
|---|---|
| First observation in the term | $6.70 September 1974 |
| Last observation in the term | $8.62 December 1976 |
| Change | +$1.92 |
| Change, % | +28.7% |
| Term average | $7.78 |
| High | $8.63 January 1976 |
| Low | $6.70 September 1974 |
| Months | 28 |
| First observation, September 2026 $ | $44.61 |
| Last observation, September 2026 $ | $49.90 |
| Term average, September 2026 $ | $47.85 |
Monthly averages
| Month | First purchase price | Real |
|---|---|---|
| September 1974 | $6.70 | $44.61 |
| October 1974 | $6.97 | $45.96 |
| November 1974 | $6.97 | $45.60 |
| December 1974 | $7.09 | $46.03 |
| January 1975 | $7.61 | $49.22 |
| February 1975 | $7.47 | $47.94 |
| March 1975 | $7.57 | $48.40 |
| April 1975 | $7.55 | $48.09 |
| May 1975 | $7.52 | $47.63 |
| June 1975 | $7.49 | $47.08 |
| July 1975 | $7.75 | $48.18 |
| August 1975 | $7.73 | $47.97 |
| September 1975 | $7.75 | $47.83 |
| October 1975 | $7.83 | $48.06 |
| November 1975 | $7.80 | $47.52 |
| December 1975 | $7.93 | $48.14 |
| January 1976 | $8.63 | $52.30 |
| February 1976 | $7.91 | $47.76 |
| March 1976 | $7.78 | $46.89 |
| April 1976 | $7.86 | $47.21 |
| May 1976 | $7.89 | $47.05 |
| June 1976 | $8.00 | $47.46 |
| July 1976 | $8.04 | $47.44 |
| August 1976 | $8.03 | $47.14 |
| September 1976 | $8.39 | $49.08 |
| October 1976 | $8.46 | $49.23 |
| November 1976 | $8.61 | $50.02 |
| December 1976 | $8.62 | $49.90 |
Only months lying entirely within the term are listed.
Annual averages
| Year | First purchase price | Real |
|---|---|---|
| 1974 ‡ | $6.87 | $46.95 |
| 1975 | $7.67 | $48.04 |
| 1976 | $8.19 | $48.50 |
‡ Only part of the year falls in the term; the figure is the whole calendar year's average.
Compared with adjacent terms
| Term | First | Last | Change | Average | Average, real | Average vs this term |
|---|---|---|---|---|---|---|
| This term (1974–1977) | $6.70 | $8.62 | +28.7% | $7.78 | $47.85 | — |
| Jimmy Carter, 1977–1981 | $8.56 | $25.83 | +201.8% | $13.04 | $60.33 | +67.5% |
The previous term, Richard Nixon's term, is not shown: EIA's monthly first purchase price begins in January 1974 and covers 7 of its 18 full months.
Sources
- What drives crude oil prices: Spot prices — U.S. Energy Information Administration
- The Constitution: Amendments 11-27 (Amendment XX, Section 1) — National Archives
- Past Inaugural Ceremonies — Joint Congressional Committee on Inaugural Ceremonies
- Table Definitions, Sources, and Explanatory Notes: Domestic Crude Oil First Purchase Prices — U.S. Energy Information Administration
- Executive Order 12287: Decontrol of crude oil and refined petroleum products — National Archives, Office of the Federal Register
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | F000000__3 — U.S. crude oil first purchase price (monthly, annual) | $/bbl | September 1974 – December 1976 | — |
| U.S. Bureau of Labor Statistics | CUUR0000SA0 — CPI-U, all items, NSA | index, 1982–84=100 | monthly and annual average | September 2026 |
Term boundaries are inauguration dates. Under the 20th Amendment a term begins at noon on January 20; Gerald Ford was sworn in on August 9, 1974. When January 20 fell on a Sunday (1985 and 2013) the public ceremony was held on January 21, but the term began on January 20. A term runs up to, not including, the next term's first day.
U.S. crude oil first purchase price (monthly): only calendar months lying entirely within the term are counted, so the months containing inauguration dates are left out. The first and last observations are the first and last such months, and the term average is the mean of their values. This series is never combined with WTI.
A term is shown when its series covers at least half of it. Inflation adjustment: real = nominal × CPI-U(September 2026) ÷ CPI-U(month of the observation); the real term average is the mean of the adjusted observations. Observations in a month with no published CPI-U (including the latest month, until BLS publishes it) are left out of real figures, and the months left out are listed.
Last updated: Oct 21, 2026, 5:27 PM CDT. Raw values are shown in source units; any conversion is labeled. See methodology and data sources.
Download:Gerald Ford term data (CSV)