Has gas ever been this expensive? How it compares to 1970s, 2008 and 2022

(NEXSTAR) – There’s no sugar coating it: Gas is very expensive right now. But is it more expensive than it’s ever been?

It’s not America’s first time facing a major disruption in the energy market. From the OPEC embargo more than 50 years ago to the Russian invasion of Ukraine in 2022, global conflict and supply constraints have caused several major spikes in the price of oil.

We took a look back at some of those key energy crises to see if, adjusted for inflation, we’re better or worse off now.

1970s: OPEC oil embargo and 1979 Iranian Revolution

The 1970s was a turbulent decade for oil and gas. Between the embargo by OPEC (Organization of Petroleum of Exporting Countries) and the revolution in Iran at the end in 1979, gas prices climbed steadily throughout the decade before reaching a peak in the early 1980s.

In 1971, the average price of gas was $0.36 per gallon, according to the Department of Energy. Adjusted for inflation, that’s the equivalent of $2.96 in 2026 dollars.

Ten years later, in 1981, it had nearly quadrupled, reaching $1.38 per gallon. That’s equivalent to $5.18 per gallon in 2026.

Gas prices in California have already topped that today. According to AAA, the Golden State is now paying $5.81 per gallon. But the national average of $3.98 is still lower than that 1981 price when you account for inflation.

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