Hello, I'm an expert in historical economic data, and I'm here to provide you with a detailed response to your question about the cost of gasoline in 1975.

The year 1975 was a pivotal time in the history of the oil industry and the global economy, marked by significant events such as the 1973 oil crisis and the subsequent 1975 recession. These events had a profound impact on the price of oil and gasoline. To understand the cost of gasoline in 1975, it's essential to consider the broader economic and geopolitical context of the time.

In 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC), which included Saudi Arabia, Iraq, and other Arab nations, embargoed oil shipments to the United States and other Western countries in response to their support of Israel during the Yom Kippur War. This embargo, coupled with the global oil production cuts by OPEC, led to a sharp increase in oil prices, a situation known as the oil crisis of 1973. The crisis resulted in a quadrupling of oil prices from approximately $3 per barrel in October 1973 to nearly $12 by January 1974.

The aftermath of the 1973 oil crisis continued to affect the global economy into 1975. As the oil prices soared, so did the prices of gasoline. The high oil prices led to inflation, which in turn affected the cost of living and the overall economic health of many countries. The United States, in particular, faced a severe energy crisis, with long lines at gas stations and rationing of gasoline.

Now, let's look at the specific data for the retail price of gasoline in 1975. According to historical records, the average retail price of gasoline in the United States in 1975 was approximately $0.57 per gallon in current dollars. However, to truly understand the cost in terms of purchasing power, it's important to adjust this figure for inflation. When we adjust the 1975 price to constant 2015 dollars, the price of gasoline was about $1.98 per gallon.

It's important to note that these prices are national averages and can vary significantly by region and state due to factors such as local taxes, distribution costs, and regional supply and demand dynamics. Additionally, the price of gasoline is influenced by a variety of factors, including crude oil prices, refining costs, distribution and marketing costs, and taxes.

In summary, the cost of gasoline in 1975 was significantly affected by the events of the 1973 oil crisis and the global economic conditions of the time. The average retail price was $0.57 per gallon in current dollars, or $1.98 per gallon when adjusted for inflation to 2015 dollars. These prices were influenced by a complex interplay of economic, geopolitical, and market factors.

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Supporting InformationYearRetail Gasoline Price (Current dollars/gallon)Retail Gasoline Price (Constant 2015 dollars/gallon)19730.391.6219740.532.0319750.571.9819760.591.9684 more rowsread more >>