A bit of Kevin Drum: “Raw data: Gasoline during my lifetime,” jabberwocking.com, Kevin Drum.
I had just been discharged from Marine Corp active duty in 71, married, and bought a boxy Datson 510 to get around in the Chicago suburbs. Finished up at one college in 72 and started finishing my BA at another college 40-something miles away. The1.8 litre with a three speed Borg Warner transmission Datsun paid off at 30 miles to the gallon. I hauled gasoline back for the tractor I used to cut 30 acres of land. Now Kevin Drum . . .
“A regular reader asks if I can post a chart of gasoline prices over my lifetime. Of course. In fact, I can do better:”
I was born right in the middle of that warm postwar summer of ever-declining gasoline prices—which ended abruptly in 1973 with the first oil embargo. And then again in 1979 with the second oil embargo. And again in 2002-08 during the Iraq War. And again in 2011 because of turmoil in the Middle East. And then finally yet again in 2022 thanks to the Ukraine War.
Will gasoline ever get down to $2 again? Probably not. OPEC countries need a higher price than that to avoid bankruptcy. But it will probably recede to $3 one of these days.
Understanding Inflation using Gasoline Prices, Angry Bear, Daniel Becker