Reply #10: Nope, not quite....

[punpirate]

There were _two_ oil shocks in the `70s, the first in 1973, and the second in `78.

Gas in the early `70s was typically 23 to 28 cents a gallon, until the OPEC slowdown in 1973. It then jumped to roughly 60 cents by late `73, and pretty much stayed there until the embargo of 1978. During the early days and weeks of that embargo, there were instances of gas going to nearly $2.00/gal in some areas where there were shortages of supply and long lines. Some of the distributors in those areas were later accused of artificially exacerbating shortages.

Prices came down after the embargo, but remained well above the previous 60-cent nominal price range, with incremental increases from then on.

Cheers.