6. 1970s: The Oil Crisis Hits
The 1970s marked a pivotal era in U.S. gasoline pricing, as prices escalated dramatically following the 1973 oil embargo. Gasoline prices surged from approximately 36 cents to over $1 per gallon, reflecting a significant increase in fuel costs. This surge was accompanied by widespread shortages and long lines at gas stations, as consumers faced difficulties obtaining fuel. In response, the government implemented new fuel economy regulations, including the Energy Policy and Conservation Act, which mandated improvements in vehicle fuel efficiency to mitigate the crisis’s impact. (eia.gov)
