[171] Due to the $30 billion economic stimulus legislation – such as the Public Works Employment Act of 1977 – proposed by Carter and passed by Congress, real household median had grown by 5.2%, with a projection of 6.4% for the next quarter.[172]
The 1979 energy crisis ended this period of growth, and as inflation and interest rates rose, economic growth, job creation and consumer confidence declined sharply.[170] The relatively loose monetary policy adopted by Federal Reserve Board chairman G. William Miller, had already contributed to somewhat higher inflation,[173] rising from 5.8% in 1976 to 7.7% in 1978. The sudden doubling of crude oil prices by OPEC, the world's leading oil exporting cartel,[174] forced inflation to double-digit levels, averaging 11.3% in 1979 and 13.5% in 1980.[169] The sudden shortage of gasoline as the 1979 summer vacation season began exacerbated the problem and came to symbolize the crisis to the general public;[170] the acute shortage, originating in the shutdown of Amerada Hess refining facilities, led to a lawsuit against the company that year by the Federal Government.