Romney defeated a primary challenge from far-right congressman John Schmitz to win the Republican nomination. He and Vice President Claude Kirk sought to took advantage of the fact the economy had began to improve, as their social market economy policies had a positive effect before the oil shock and were continued by Romney's Democratic successor. 

The Democratic primaries were contested by Edmund Muskie, Hubert Humphrey, and George Wallace. Muskie was eventually nominated, while Wallace dropped out of the race to run as a third-party candidate, having escaped an assassination attempt from Arthur Bremer. 

Muskie and his running mate Ralph Yarborough criticized Romney for his foreign policy failures and promised universal healthcare and ratification of the Equal Rights amendment. Despite his centrist views, the President was able to appeal to the conservative wing of the GOP by emphasizing his law and order policy and tax cuts; Ronald Reagan, for instance, endorsed Romney and appeared at a campaign commercial with him. Muskie's early lead in the polls eventually disappeared as the economy recovered.

On November 7, 1972, Romney was reelected, improving with Southern voters, who were beginning to accept desegregation, over his support for law and order. His second term would be more difficult as he failed to pass a Switzerland-style healthcare system and had to deal with the effects of the 1973 oil crisis, allowing the Democratic Party to retake the White House in 1976.

George W. Romney, the 37th President of the United States, faced uncertain reelection prospects in late 1971 and early 1972, as his withdrawal from Vietnam had resulted in defeat and the American economy had not fully recovered.