Why do most of the 70's Corvettes have such a low horsepower rating?

Kenny

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I have been looking at old cars lately and I was reading the horsepower ratings on Corvettes. In the late 60's the things had like 400 hp and the 70's Vettes are much lower (for example the 76 was rated at around 180 hp). I was just wondering why did the Corvette's take such a dramatic decrease in horsepower and are they really that much slower?
 
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