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The national average price for a gallon of gasoline is at $3.50, according to AAA as of Jan. 26, 2023. ... 1973. Price of a gallon of gas: $0.39. In 2022 dollars: $2.54 ... Price of a gallon of ...
The average US retail price of a gallon of regular gasoline rose 43% from 38.5¢ in May 1973 to 55.1¢ in June 1974. State governments asked citizens not to put up Christmas lights. State governments asked citizens not to put up Christmas lights.
The 1973 and 1979 energy crisis had caused petroleum prices to peak in 1980 at over US$35 per barrel (US$129 in today's dollars). Following these events slowing industrial economies and stabilization of supply and demand caused prices to begin falling in the 1980s. [ 26 ]
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]
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. Adjusted for inflation, ...
In early 2020 the gas price has dropped down to a national average of $1.73 a gallon. [11] In 2021, the average price increased to $3.01/gallon. [12] By the end of June 2022, the price of gasoline reached a record high of over $5/gallon with some places reporting $6/gallon. [13]
Prices in restaurants are rising across the spectrum, from top-notch eateries to fast food chain Wendy's, which has raised the price of its quarter pound burger by 4-8 cents in the past year.
The oil embargo of 1973–1974, which pushed prices of petroleum from $15 to $45 a barrel (2010 dollars) almost overnight, certainly contributed to inflationary measures during this period, taking a larger share of incomes (an "oil tax") at a time of falling consumer spending. [21]