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1960. Price of a gallon of gas: $0.31. In 2022 dollars: $3.01. Sergey Kohl / Shutterstock.com. 1961. Price of a gallon of gas: $0.31. In 2022 dollars: $2.99. Patrick Ernzen ©2018 Courtesy of RM ...
U.S. natural gas prices were relatively stable at around (2006 US) $30/Mcm in both the 1930s and the 1960s. Prices reached a low of around (2006 US) $17/Mcm in the late 1940s, when more than 20 percent of the natural gas being withdrawn from U.S. reserves was vented or flared.
The largest component of the average price of $2.80/gallon of regular grade gasoline in the United States from 2012 through 2021, representing 54.8% of the price of gas, was the price of crude oil. The second largest component during the same period was taxes—federal and state taxes representing 17% of the price of gas.
The price system was an attempt to keep the average price low while encouraging new production. [22] The last federal price controls on natural gas were removed by the Natural Gas Decontrol Act of 1989, which phased out the last remaining price control as of 1 January 1993. [23]
In June 2021, the national average price for a gallon of gas was $3.09, according to data from AAA, but as of June 2022, it had topped $5. That marks a gain of over 60% in a single year.
The real price of petroleum was stable in the 1970 timeframe, but there had been a sharp increase in American imports, putting a strain on American balance of trade, alongside other developed nations. During the 1960s, petroleum production in some of the world's top producers with extraction technology at the time began to peak.
Long-term oil prices, 1861-2007 (top line adjusted for inflation). Throughout the 1950s, the 1960s, and the 1970s, the retail price of petroleum in Canada consistently remained close to the price of gasoline in the United States and was often lower than prices seen in the US, especially during the 1970s price spikes.
Gas prices within the last 10 years highlight how volatile the market can be. When looking at historical data, gas prices were the same in 2011 as they were in 2023 — $3.52 per gallon.