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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 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 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 ...
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.
By 1950, gas prices had jumped to 27 cents, about $3.40 in today’s money. The next two decades were much like the two that preceded the war. Fuel prices held remarkably steady, climbing only to ...
American drivers had it rough back in 1981. The average price of gasoline spiked to $1.353 a gallon that year — up from $1.221 in 1980 and more than double the price just three years earlier.
The Nixon shock was the effect of a series of economic measures, including wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold, taken by United States president Richard Nixon on 15 August 1971 in response to increasing inflation. [1] [2]
Sugar prices spiked in the 1970s because of Soviet Union demand/hoarding and possible futures contracts market manipulation. The Soviet Union was the largest producer of sugar at the time. In 1974, Coca-Cola switched over to high-fructose corn syrup because of the elevated prices. [6] [7] [verification needed] Sugar prices 1962–2022