![]() teetered on the edge of a period of revitalization. Gas prices began to drop at this time, as the U.S. This year also marked the beginning of World War II entering the war two years later, though devastating, would greatly invigorate the American economy and workforce. Inflation-adjusted price: $3.34 (#16 most expensive year in 85-year span)ġ939 marked the official end of the Great Depression, and therefore the beginning of America’s return to a more stable economy.1938 also brought about a recovery of the economic downturn that had begun in 1937. In 2005, this law was put to the test when civil action was taken against 20 gas stations for doing exactly that. In an effort to protect smaller gas station operators from the aggressive pricing of bigger companies, the state of New Jersey instituted a law in 1938 that prevented gas stations from raising prices more than once a day. Inflation-adjusted price: $3.49 (#13 most expensive year in 85-year span).A number of federal economic decisions, such as switching to a contractionary monetary policy, impacted inflation and led to relatively high gas prices. In 1937, the nation was hit by yet another period of economic downturn, during which unemployment spiked once more. Roosevelt took office in 1933, the economic state of the country seemed hopeful: Americans were beginning to emerge from the financial wreckage of the Great Depression, and unemployment rates dropped more than 10% in just a few years. Inflation-adjusted price: $3.60 (#10 most expensive year in 85-year span)Īfter President Franklin D. ![]() Using data from the Bureau of Labor Statistics (last updated in August 2021), it analyzed the average price for a gallon of unleaded regular gasoline from 1976 to 2021 along with the Consumer Price Index for unleaded regular gasoline from 1937 to 1976, including the absolute and inflation-adjusted prices for each year. To find out more about how the price of gas changed throughout the years, Stacker ran the numbers on the cost of a gallon of gasoline for each of the last 84 years. In the early months of the COVID-19 pandemic, stay-at-home orders caused oil prices to crater as demand for oil bottomed out. In recent years, an increase in demand for oil in developing economies alongside an expansion in production from countries (like the U.S.) that once imported most of their oil, led to a sharp drop in oil prices. due to their support of Israel, leading to a gas shortage and sky-high prices. During the Arab-Israeli War in 1973, Arab oil manufacturers banned exports to the U.S. Most of the time, both the highs and the lows of gas prices are out of drivers’ hands. ![]()
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