April 28, 2006
I just saw on MSNBC that gas prices in New Jersey jumped $.14 over night. They showed a clip from the 1974 hearings on the gas crisis where they said that in that year oil climbed to $10 a barrel. According to an inflation calculator I found online, that's about $41 in 2005 dollars. Oil barrels are at about $71 now. Another clip showed Tom Brokaw saying that the highest gas prices were in Hawii, where gas topped out at $1.02/gallon, which is about $4 in 2005 dollars.