Why did the united states government place price controls on petroleum companies in the early 1970s? \

They placed a price control on petroleum companies because the oil crisis was getting out of hand. There was an embargo on countries that produced oil and on oil trading and prices were skyrocketing, going up from 3$ per barrel to a 12$ per barrel, and even more in many countries. Without the price regulations the prices could go even higher and the oil industry could collapse because people wouldn't buy oil.