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The national average price for a gallon of gasoline is a little more than $4.72, according to AAA as of July 8. ... 1979. Price of a gallon of gas: $0.86. In 2022 dollars: $3.42. Magic Car Pics ...
The Jimmy Carter administration began a phased deregulation of oil prices on April 5, 1979, when the average price of crude oil was US$15.85 per barrel ($100/m 3). Starting with the Iranian revolution, the price of crude oil rose to $39.50 per barrel ($248/m 3) over the next 12 months (its all-time highest real price until March 3, 2008). [11]
June 26–28: OPEC raises prices average of 15 percent, effective July 1. Oct: Buy-Sell Program sales average more than 400,000 bbl/d (64,000 m 3 /d) from October 1979 through March 1980 - highest level since February 1976, due to emergency allocations.
The glut began in the early 1980s as a result of slowed economic activity in industrial countries (due to the 1973 and 1979 energy crises) and the energy conservation spurred by high fuel prices. [27] The inflation adjusted real 2004 dollar value of oil fell from an average of $78.2 per barrel in 1981 to an average of $26.8 in 1986. [28]
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. Fuel costs started to climb ...
Adjusted for inflation, the average price of gas in 1981 would have equaled $2.42 a gallon in 2020. The average national price for a full year didn’t even push about $2 a gallon until 2005 ...
June 26–28: OPEC raises prices average of 15 percent, effective July 1. October: Buy-Sell Program sales average more than 400,000 bbl/d (64,000 m 3 /d) from October 1979 through March 1980 - highest level since February 1976, due to emergency allocations.
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....