Nixon enacted price controls on oil in 1971. This meant that US prices for oil could not rise, and the oil from non-Arab sources got shipped to other countries who outbid the US. Price controls prevented finding new sources of oil.

There's more, a thorough treatment is in George Reisman's book "Capitalism" pg. 188.

One of the first things Reagan did when inaugurated was, by Executive Order, rescind the oil price controls. The gas lines vanished overnight and never returned in the 35 years since, despite all kinds of gyrations in the oil business.

It's rare that we have such a clear example of the deleterious effects of price controls.