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    March 12, 2021

    Useful information

    Lowest gas prices in history


    Once gasoline was not considered something supernatural at all. It was sold for domestic needs for a long time or was completely poured out after obtaining kerosene from oil. But with the development of the automotive industry, they looked closely at this strong-smelling liquid and soon turned it into a real jewel, on which millions of powers are earning today, where there are deposits of “black gold”.

    What is the source of the gasoline price?

    Gasoline is not a simple commodity: bought – sold – received money. It won’t work that way. The cost of this lowest gas prices ever history includes many nuances at once:

    • excise taxes and taxes;
    • expenses – for the cost of production, processing and transportation, for retail trade;
    • the company’s profit – by the way, this item accounts for only 5%.

    The price of gasoline will depend on the following points:

    • does the country have its own oil fields or is “black gold” exported, of course, in the first case the price will be many times more affordable;
    • does the country have its own oil refineries or does it buy gasoline – the more factories, the lower the price;
    • competition in the oil market – many companies guarantee pleasant discounts for a retail consumer who wants to please each of the players;
    • social policy of the country – its standard of living, prices for real estate, food, etc. (all this is related to the price of fuel).

    When was the lowest gasoline price in the world?

    For a long time, the United States was almost an advanced state in the production and processing of oil. In the middle of the last century, the country was at the peak of its popularity in this matter and could afford to give the cheapest gas history to citizens. To buy a gallon of gasoline (3.7 to 4.5 liters) at any gas station could be no more than 19 cents. For comparison, at the same time, the average lunch in an American cafe cost from 0.7 to 0.9 dollars, and rental in a taxi was 1.5 dollars. Even a glossy magazine was 2.5 times more expensive than a gallon of gasoline at a gas station – 50 cents.

    By the way, this was one of the reasons that in the 60s and 70s the popularity of muscle cars soared – cars that with their V8 engine could “gobble” tens of liters of gasoline per 100 km of road.

    However, in the early 70s, an oil crisis broke out when Egypt and Syria refused to supply their “black gold” to a number of European countries and the United States, which sided with Israel in its conflict with Syria and Egypt.

    These circumstances forced to raise gasoline prices at once by 40%, and the policy of increasing prices only continued to swing. All this could not affect ordinary citizens and car manufacturers. The first began to look towards Japanese small cars, and American brands began to revise their views on the “gluttony” of their cars. Gradually, interest in electric motors began to revive, which seemed irrelevant for more than 10 years.