The highs and lows of gas prices range from lows of 31 cents per gallon in 1962 to highs of $4.09 per gallon in July 2008. Although gas prices spiked drastically in 2008, the price in 2012 was down to $3.61 per gallon.
Along with 15-cent hamburgers and $5 jeans, gas prices stayed relatively low 50 years ago. In 1967, the price only rose 2 cents per gallon at 33 cents. Ten years latter, the price nearly doubled to 65 cents per gallon. By 1982, fuel cost $1.30 per gallon, doubling from 1977. However, this jump in price was only temporary, spurred by problems in Iran.
In 1987, prices had fallen back to 95 cents per gallon and rose gradually over the next 15 years. By 2002, fuel prices reached the 1987 levels at $1.36 per gallon. In five years, they more than doubled to $2.80 per gallon. July 2008 marked the highest recorded gas prices in history due to high-priced crude oil, and it wasn't the only high-priced product. Both cattle feed and milk reached historic highs. The price dropped over the next four years, rising in 2012 before dropping again. The year 2012 marked not only high gas prices, but $12 movie tickets and college costs that averaged $15,000 per year, up by $11,000 from 1984.