Yes, it is true the current, national average for 1 galllon of unleaded regular is $ 3.79 per gallon and it appears that $ 4.00 is a possibility. Within the last 24 hours in Phoenix, the lowest cost was $ 3.37 at Bethany Home & Grand Avenue. The most expensive was $ 3.89 at Camelback & 40th St. But, take a look at the cost of a gallon of gas during the worst of the 1973 – 1974 “Oil Crisis.”
The oil embargo resulting in the “Oil Crisis” of 1973 – 1974, resulted in massive changes in the economy, brought about the 55 MPH speed limit. The era of the “Muscle Car” was destroyed, retail prices climbed out of sight and countless emission regulations were inacted. The resulting recession caused the stock market to crash to a low of only 576 (yes that is correct). Here is what can make your hair catch on fire…at the very worst period of that oil crisis (Oct 1973 to March 1974 – six months), one gallon of gas went from 39 cents in May of 1973 to a horrific high of 55 cents per gallon by March 1974. OMG!!!