http://www.econreview.com/events/wageprice1971b.htm"August 15, 1971. In a move widely applauded by the public and a fair number of (but by no means all) economists, President Nixon imposed wage and price controls. The 90 day freeze was unprecedented in peacetime, but such drastic measures were thought necessary. Inflation had been raging, exceeding 6% briefly in 1970 and persisting above 4% in 1971. By the prevailing historical standards, such inflation rates were thought to be completely intolerable."
http://www.presidency.ucsb.edu/site/docs/pppus.php?admin=037&year=1974&id=14"Nixon Radio Address About the National Energy Crisis - January 19, 1974
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Nothing which the Federal Government might do could be successful, however, without the full cooperation of the American people. It is your sacrifice that is making the difference. You deserve the credit.
If this voluntary cooperation continues, I can say confidently to you today that we can prevent hardships this winter and that we can avoid gas rationing this spring. Your Government has a responsibility to prepare for the worst, so that we shall be ready to ration gas is necessary.
But with continued cooperation by everyone, we all have good reason today to hope for the best, and you can be sure that with your help I will do everything in my power to achieve the goal of avoiding gas rationing."