During the period significantly impacted by the 1973 oil crisis, the average US retail price of a gallon of regular gasoline rose by 16.6 cents, marking a 43% increase from its price in May 1973 to June 1974.
The 1973 oil crisis led to a dramatic surge in energy costs, with gasoline prices reflecting this instability. While the crisis officially began in October 1973, its effects on the market were felt throughout the period, pushing prices upward.
Details of the Price Increase
The specific price changes observed during this critical period are detailed below:
| Metric | Value |
|---|---|
| Starting Price | 38.5¢ per gallon (May 1973) |
| Ending Price | 55.1¢ per gallon (June 1974) |
| Absolute Increase | 16.6¢ per gallon |
| Percentage Increase | 43% |
| Timeframe | May 1973 to June 1974 |
This substantial jump had widespread implications, influencing daily life and government policy.
Impact of the 1973 Oil Crisis
The sharp increase in fuel prices had immediate and profound effects across the United States:
- Public Awareness and Conservation: State governments actively encouraged energy conservation measures. A notable example was the request for citizens not to put up Christmas lights during the holiday season to save electricity.
- Economic Strain: Higher gasoline prices contributed to inflation and put a strain on household budgets and various industries dependent on transportation.
- Policy Shifts: The crisis spurred a greater focus on energy independence and diversification of energy sources in the long term.
Understanding the magnitude of this price increase provides insight into one of the most significant economic disruptions of the 20th century, with lasting impacts on energy policy and consumer behavior.
