Current Gas Prices

February 21, 2012 by staff 

Current Gas Prices, The majority of the country is concerned by rising gasoline prices in today’s economy. According to the American Automobile Association the national average of retail gasoline is priced at $3.51 a gallon. Gas prices may reach $4 per gallon by May of 2012.

There is a small measure of comfort in the fact that when measured on an inflation-adjusted basis, the current price of gasoline is only slightly higher than it was in 1922. According to the Energy Information Administration, in 1922, gasoline cost the current-day equivalent of $3.11.Today in 2012 per the EIA, gasoline is selling for about $3.77 per gallon, only about 20 percent more than 86 years ago. In 1922, the pre-tax cost per gallon was nearly 25 cents – equal to about $3 today.

Working at a federal law enforcement agency during the October 1973 oil crisis was a very troubled period of time in the United States. An oil embargo was declared by members of the Organization of Arabian Petroleum Exporting Countries or OAPEC whch consisted of Arab members of OPEC, plus Egypt, Syria and Tunisia . This was “in response to the U.S. decision to re-supply the Israeli military” during the Yom Kippur war. The embargo was in effect until March 1974.There was suddenly an unpredicted interruption of the world’s supply of petroleum and the United States felt the impact from coast to coast.

The result was crazy with citizens no longer able to drive their cars, many waited for an hour or more at gasoline stations in lines that at times stretched for miles. Tempers and anger at the pumps was commonplace. Motorists could only buy gas on alternate days, depending upon whether their license plate ended with an odd or even number. Gas-pump rage was nationwide.

First responders, police, emergency services vehicles were alloted the minimum amount of gasoline to accomplish 911 calls. Police Patrol duties were on foot when many squad cars were parked and out of gas. On the border, agents were driven by trucks to remote assigned locations and dropped off with a radio and a canteen. U.S. reserve petrol storage facilities were safequarded for national security usage and not available to the general populace.

There was no real shortage of petroleum . The U.S. supply line was merely “shut off” from the Mid East OPEC nations. Political panic did not resove the problem.

The federal government even printed gas-rationing coupons during that period of time although they were never used nor issued.

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