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[sammygoliath.livejournal.com]

From Wikipedia:

Oil policy

At the beginning of his presidency, Reagan ended the price controls on domestic oil which had been started by Richard Nixon; they had contributed to both the 1973 Oil Crisis and the 1979 Energy Crisis.[33][34] The price of oil subsequently dropped, and the 1980s did not see the gasoline lines and fuel shortages that the 1970s had.[34] Reagan also attempted to make good on his 1980 campaign promise to repeal the "Windfall Profit Tax" that Carter and Congress enacted in 1980 on domestic oil production; he was able to do so in 1988, when Congress agreed that it had increased dependence on foreign oil.[35] The tax was not a tax on profits, but an excise tax on the difference between a statutory "base price" and the market price.[36] Reagen also stopped aggressive pushing of new auto efficiency standard by Carter administration, descended on alternative energy researches started by Carter administration.

Apparently his deregulation of the oil industry wasn't all bad...