What Happens When Gas Hits $5? $7? $10?
Updated to correct a reference to additional taxes levied by states on regular gasoline.
BOSTON (TheStreet) -- If you were around in the 1970s, you'll undoubtedly cringe to recall leisure suits and disco dancing. Even more unsettling: the memories of trying to pump gas.
Twice during a decade marked by double-digit inflation -- in 1973 and 1979 -- oil shortages caused by an OPEC embargo and political unrest in Iran, respectively, made it costly and aggravating to fill your tank.
|In 1979, short supplies of gas meant rationing and lines of cars stretching far down the streets.|
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