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The national average price for a gallon of gasoline is a little more than $4.95, according to AAA. ... 1978. Price of a gallon of gas: $0.63. In 2022 dollars: $2.78. René / Wikimedia Commons. 1979.
Established maximum lawful prices for the sale of natural gas, which were phased out over a series of years, allowing market forces to set natural gas prices. [ 1 ] The Natural Gas Policy Act (NGPA) was the first building block in a plan from the Carter Administration to increase energy supply while reducing domestic consumption of energy. [ 2 ]
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 ...
In the Natural Gas Policy Act of 1978, the federal government extended price controls to all natural gas in the country. At the same time, the government created a complex price system in which the price paid to the producer depended on the date the well was drilled, the depth of the well, the geological formation, the distance to other gas ...
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....
Final Take To GO. The highest gas prices in U.S. history may have occurred in 2022, but the future of what you will pay at the pump remains ominous for the rest of 2023 and for the next several years.
The average price of regular gasoline rose from $1.773 during the week of April 27, 2020, to $5 as of June 11, 2022, an all-time high. [37] California led the nation in gas prices with an average gallon of regular gas in the state reaching $6.43 as of June 11, 2022. [38]
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.