How Much Did Gas Cost in 1960?

How Much Did Gas Cost in 1960?

Early in the 1960s, the cost of gas was 31 cents per gallon; however as the decade wore on, the demand for gas led to several price increases. By the early 1970s, American citizens were faced with a high fuel demand among a limited supply.

The demand for gas combined with low supplies led to an energy crisis fueled by an oil embargo set in place by the Organization of Arab Petroleum-Exporting Countries. This embargo caused gasoline prices to raise dramatically and led to mandatory gasoline rationing. The initial embargo was lifted by 1974; however, gas prices remained high throughout the rest of the decade.