As an expert in the field of economics and historical data, I can provide a detailed analysis of the cost of gasoline during the 1970s. The decade was marked by significant fluctuations in oil prices due to various geopolitical events and economic conditions. Let's delve into the specifics.

In the early 1970s, the average price of gasoline in the United States was quite low compared to today's standards. As you mentioned, in 1970, the average price was around $0.36 per gallon. However, this figure is in nominal terms and does not account for inflation. When we adjust for inflation, using the consumer price index (CPI), the price of gasoline in 1970 equates to approximately $1.72 per gallon in today's dollars.

The 1970s was a tumultuous time for the oil industry. The 1973 oil crisis, also known as the "Yom Kippur War oil embargo," had a profound impact on oil prices. This crisis was triggered by an oil embargo led by the Organization of Arab Petroleum Exporting Countries (OAPEC) in response to the United States' support of Israel during the Yom Kippur War. The embargo led to a significant reduction in the supply of oil, which in turn caused prices to skyrocket.

By the end of 1973, the price of oil had quadrupled, and this increase was reflected at the pump. Gasoline prices began to rise sharply, and by 1974, the average price had risen to around $0.50 per gallon. This was a substantial increase from the beginning of the decade.

The situation did not stabilize in the following years. The Iranian Revolution in 1979 further disrupted the oil supply, leading to another spike in oil prices. By the end of the 1970s, the average price of gasoline had risen to over $1.00 per gallon, a significant increase from the early part of the decade.

As we moved into the 1980s, the situation began to normalize. The global recession of the late '70s and early '80s had a dampening effect on oil demand, which, combined with increased production from non-OPEC countries, led to a gradual decrease in oil prices. By 1980, the average price of gasoline had risen to $1.19 per gallon, which, when adjusted for inflation, is equivalent to about $2.95 per gallon today.

It's important to note that these prices are national averages and can vary significantly by region and over time. Additionally, taxes and other local factors can also influence the price of gasoline.

In summary, the price of gasoline during the 1970s was characterized by significant volatility due to geopolitical events and economic conditions. The decade began with relatively low prices but experienced sharp increases as a result of the oil crises and ended with prices that were still higher than the beginning of the decade, even after adjusting for inflation.

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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.read more >>