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Oil prices soared to $100 a barrel for the first time

The rising price of oil was driven by a slumping dollar, geopolitical instability and worries over a winter fuel supply crunch. China and India fed by oil sent prices soaring over the past year, while tensions in oil-producing nations like Nigeria and Iran made investors nervous and invited speculators to drive prices even higher.

New national maximum speed limit

President Richard M. Nixon signs the Emergency Highway Energy Conservation Act, setting a new national maximum speed limit of 55 mph on all interstate roads in the US. The law was a response to the 1973 oil embargo, and its intent was to reduce fuel consumption. However, the law was opposed by motorists and most states.

Cigarette ads banned from TV in USA

President Nixon signed into law the Public Health Cigarette Smoking Act, banning the advertising of cigarettes on television and radio. The Virginia Slims brand was the last commercial shown. As a consequence, most tobacco advertising was done in magazines, newspapers, and on billboards.

Rupert Murdoch wins control over News of the World

Rupert Murdoch's media firm News Limited entered the British newspaper market and bought the populist News of the World newspaper from Henry Lascelles Carr. In 2011, Murdoch faced allegations that his companies, including the News of the World, had been hacking the phones of celebrities, royalty, and public citizens.

Ronald Reagan sworn in as Governor of California

California Republicans were impressed with Reagan's political views and charisma after his speech and nominated him as the Republican party candidate. Reagan was elected, defeating two-term governor Edmund G. Brown by nearly a million votes, winning the California governorship, and was sworn in at ten minutes past midnight.

Standard Oil is organized as a trust

Standard Oil was an American oil producing, transporting, refining, and marketing company, which was established by John D. Rockefeller. In response to state laws trying to limit the scale of companies, Rockefeller and his associates combined their companies under a single group of trustees.

Battle of Stones River ends

The Battle of Stones River, also known as the Second Battle of Murfreesboro, was a battle fought in Middle Tennessee, as the culmination of the Stones River Campaign in the Western Theater of the American Civil War. Of the major battles of the war, Stones River had the highest percentage of casualties on both sides.

Anniversaries of the (in)famous