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Gas prices are finally starting to fall back down to earth in much of the country. According to AAA, the national average is down to $4.189 per gallon as of Aug. 2. ... ’90s and into the 21st ...
In the early '70s, gas prices hovered around 36 cents a gallon. By 1980, motorists were paying an average of $1.19 a gallon, or $4.05 in today's dollars.
The major oil-producing regions of the U.S.—Texas, Oklahoma, Louisiana, Colorado, Wyoming, and Alaska—benefited greatly from the price inflation of the 1970s as did the U.S. oil industry in general. Oil prices generally increased throughout the decade; between 1978 and 1980 the price of West Texas Intermediate crude oil increased 250 ...
The 1973 oil crisis caused a sudden and marked increase in the cost of oil and, by extension, gasoline. By the end of the crisis, in March 1974, the price of oil had nearly quadrupled, from U.S. $3 per barrel ($21 in 2023 dollars [50]) to nearly $12 globally ($82 in 2023 dollars [50]); U.S. prices were significantly higher. [51]
The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis.The world price of oil had peaked in 1980 at over US$35 per barrel (equivalent to $129 per barrel in 2023 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($75 to $28 in 2023 dollars).
U.S. motorists should see gasoline prices fall below $3 a gallon for the first time in over three years as soon as next month, shortly before they go to vote in November's presidential election ...
Spring: Gasoline shortage/world oil glut. March 26: OPEC makes full 14.5 percent price increase for 1979 effective on April 1. Marker crude raised to $14.56 per barrel. May: DOE announces $5 per barrel entitlement to importers of heating oil. Saudi Arabia announces intention to increase direct sales and to sell less through Aramco.
1973–1974 — The United States is affected by the Arab Oil Embargo; gasoline prices skyrocket as supplies of gasoline and heating oil are in short supply. In response, daylight saving time is started in January (nearly four months earlier than usual), and the national speed limit is lowered to 55 mph.