Gas Prices By Year
| Year | Adjusted Gas Prices for Inflation (In 20 ... | Average Annual Gasoline Prices * | Average CPI for Gasoline per year** |
| 1978 | $2.44 | $0.65 | $51.90 |
| 1979 | $2.44 | $0.88 | $70.20 |
| 1980 | $2.43 | $1.22 | $97.50 |
| 1981 | $2.42 | $1.35 | $108.50 |
| Year | Retail Gasoline Price (Current dollars/gallon) | Retail Gasoline Price (Constant 2015 dollars/gallon) |
|---|---|---|
| 1979 | 0.86 | 2.31 |
| 1980 | 1.19 | 2.95 |
| 1981 | 1.31 | 2.97 |
| 1982 | 1.22 | 2.60 |
How much did a gallon of gas cost in 1979?
1979: $0.70: $0.86: 1978: $0.65: $0.63: 1977: $0.61: $0.62: 1976: $0.58: $0.59: 1975: $0.54: ...
What were the gas prices for 1979?
Motorists lined up at filling stations that had gas, waiting to fill their empty tanks. A self-service Gulf station was selling regular for 82.9 cents a gallon and that was a time when the cost of fuel was on the rise. Diesel was more expensive at 86.9 cents a gallon.
What was the price of gasoline in 1979?
gas prices were much higher during the 1978-1983 period. When adjusted for inflation, the average price of gasoline in 1979 was equivalent to approximately $2.93 per gallon today.
Why are gas prices so high?
Prices climb when oil supplies are threatened. If major oil-producing countries continue to produce a lot of oil, the supply will be high, and gas prices will decrease. On the other hand, war or conflict can threaten crude inventories, causing gas prices to soar.
How much was gas in the 70s?
$0.36 per gallonFor the average American, drivers went from paying $0.36 per gallon at the pump in 1970 (which is equal to about $1.72 per gallon in today's dollars) to $1.19 per gallon in 1980 (which is equivalent to about $2.95 per gallon).
How much was the gas in 1978?
65 cents to 71 centsIn 1978, the average price of a gallon of regular unleaded gasoline in U.S. cities ranged from 65 cents to 71 cents.
When was 86 cents a gallon?
1980What the heck happened? Even as late as 1980, gas averaged just 86 cents a gallon.
What was gas prices in 1980?
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. Adjusted for inflation, the average price of gas in 1981 would have equaled $2.421 a gallon in 2020.
How much was gas a gallon in 1964?
0.30 1.76Supporting InformationYearRetail Gasoline Price (Current dollars/gallon)Retail Gasoline Price (Constant 2015 dollars/gallon)19640.301.7619650.301.7319660.311.7319670.321.7383 more rows•Aug 31, 2015
How much was gas a gallon in 1960?
0.31 1.86Supporting InformationYearGasoline Price (Current dollars/gallon)Gasoline Price (Constant 2011 dollars/gallon)19600.311.8619610.311.8719620.311.8319630.311.8080 more rows•Aug 20, 2012
When was gas 2 dollars a gallon?
The average price of gas first went over $1 a gallon in 1980, when it went from $0.86 per gallon to $1.19 per gallon. When was the last time gas was under $2 a gallon? The last time the average price of gas was less than $2 was 15 years ago, in 2004.
Why was gas so cheap in the 90s?
One of the most common reasons cited for the price jump is supply and demand - we are using more oil, which accounts for 70% of the price of gas, and finding less of it. Why we are finding less oil and using more of it is partly a result of the low prices during the 1990s.
Why was there a gas shortage in the 70s?
The 1973 oil crisis or first oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries led by Saudi Arabia proclaimed an oil embargo. The embargo was targeted at nations that had supported Israel during the Yom Kippur War.
How much was gas in 1968?
0.34 1.79Supporting InformationYearRetail Gasoline Price (Current dollars/gallon)Retail Gasoline Price (Constant 2015 dollars/gallon)19680.341.7919690.351.7719700.361.7219710.361.6784 more rows•Mar 7, 2016
How much was gas in the 1920?
Throughout the 1920s, gas prices averaged 21 to 30 cents per gallon.
How much was a gallon of gas in 1976?
In other words, gasoline, unleaded regular costing $4.60 in the year 1976 would cost $33.63 in 2022 for an equivalent purchase.
How much was gas in 1970?
The fluctuations are dizzying...gas was only 36 cents per gallon in 1970! Written by Carly Hallman. We might deny it.. We might diminish its importance.. We might not like it.. But the fact is that gas prices are intrinsically correlated with the overall economy in the U.S. and have been for decades. Oil gluts and crises have correlated ...
How much did the average American pay per gallon in the 1970s?
For the average American, drivers went from paying $0.36 per gallon at the pump in 1970 (which is equal to about $1.72 per gallon in today’s dollars) to $1.19 per gallon in 1980 (which is equivalent to about $2.95 per gallon). In the late ’70s and early ’80s, there was a massive global recession. Unemployment spiked to 9% from 5.1% in 1975.
What was the most important shock to the oil industry in the 1970s?
The most famous and impacting shock to the oil economy that’s often spoken about is the energy crisis of the 1970s. OAPEC (the Organization of Arab Petroleum-Exporting Countries) shattered policy-makers’ assumptions about their reliance on American trade, and prices shot up from $3 to $12 per barrel.
What is the goal for fuel economy in 2025?
The current goal is to reach 54.5 mpg as a target fuel economy for vehicles by 2025. Hopefully, all of this will make us less dependent on oil, so that price variations won’t cause major global collapses as in 1980 and 2008.
What was the highest unemployment rate in the US in 1982?
Unemployment spiked to 9% from 5.1% in 1975. In 1982, it reached its peak at 10.8%, the highest since the Great Depression. Banks and loan companies struggled to get a handle back on the economy.
Earnings by race and sex, 1970-1979
The links below lead to earnings data for race and sex combinations (for example, white women, black men, etc.
Wages by metro area (selected occupations), 1970-1979
Click on a state tab above to see cities and metro areas. These are U.S.
Wages by occupation and industry (A to Z), 1970-1979
This article investigates the history of major league baseball players' salaries; table 1 ( page 5) shows average and median annual salaries for 1970-1996, table 2 ( page 6) shows the average salaries for the highest and lowest playing teams for select years 1980-1995, and table 4 ( page 7) shows minimum baseball salaries for 1967-1997 ( source ).
Manufacturing wages, 1970-1979
Occupations in this industry include production workers and professionals such as biologists, chemists, engineers, and science technicians.
International wages by country, 1970-1979
Shows wage data for manufacturing industries and for all industries by full or part time worker, and by sex. There is also further data for full time male workers. Find data for other years in Annual Abstract of Statistics, a UK government publication.
Prices in the United States, 1970-1979
Average retail prices of selected foods, 1965-1978 Chart shows average retail prices expressed in cents per pound unless otherwise noted. Includes prices of various fruits and vegetables, corn flakes, canned peas, frozen broccoli, chicken soup, jars of baby food, eggs, margarine, jars of grape jelly and more.
Consumer expenditures and analysis, 1970-1979
Cost to raise a foster child by US region, 1970 Shows estimated costs for supporting a foster child with breakouts for food, clothing, medical care, education, transportation, etc. Further breakouts show data by the age of the child. Source: US Dept of HEW report, 1976.
What was the price of gas in the 1960s?
While today’s gasoline prices generally hover around the $2 to $3 range, in the 1960s and early 1970s, the cost per gallon was well below the 50-cent mark. That’s right, for those of you who don’t remember, 50 cents. But that all changed in 1973.
What was the oil embargo?
The embargo, which began in October of that year, was a response to America’s and other nations’ support of Israel during the Yom Kippur War.
Why did the oil embargo begin?
The embargo, which began in October of that year, was a response to America’s and other nations’ support of Israel during the Yom Kippur War. As a result of the oil crisis, gasoline prices took a swift upturn and the supply of petroleum became severely limited.
What were the repercussions of the oil crisis?
The repercussions of the oil crisis were aggravated by the fact that U.S. oil production had begun to decline in the 1970s at the same time that America was consuming greater and greater quantities of “liquid gold.”.