Gas prices, just like everything else in the world go up over time. So what were gas prices in 1978? Well, when you factor in inflation and the rising cost of goods and services you will see that gas prices in 1978 were much lower than they are today. There was a recession from 1973 until 1975 so the cost of a gallon of gas in 1978 was slowly climbing as we started to ramp up the economy again. You have to also take into consideration that the cost of a gallon of gas reflects more than just the gas itself. You have to get the gas out of the ground and then transport it to a location where it can be refined and processed. After that you then need to transport the gas to a pump station where the general public can access it. Although the cost of gas goes up and down with the momentum taking to higher and higher prices over time you have to remember that so do the wages of workers along with the strength of the overall economy. So you may look at the gas prices in 1978 and think that you are paying way too much now, you have to take all of the other factors into consideration and know that it’s probably around the same prices in todays dollar value. The same with other goods and services. A loaf of bread was much less in 1978 than it is now for the same reason. So here is the results for gas prices in 1978 along with what it would be if you factored in todays dollar value.
Gas Prices In 1978
Inflation Adjusted Price In Todays Dollars