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2006-07-24 10:12:12 · 10 answers · asked by Anonymous in News & Events Current Events

What were the gas prices in the 70's?

2006-07-24 10:19:34 · update #1

10 answers

because it costs them the same to drill, (they use the same wells they have for years), but people are willing to pay more for it. (By willing I mean, will pay when forced.)

2006-07-24 10:15:40 · answer #1 · answered by John J 6 · 3 1

We ( the USA ) live in a free market economy. You can charge whatever you want for a product. If the consumer wants/needs it, the consumer will pay for it. If the consumer doesn't want it, they don't buy it. The oil companies are only doing what all other companies do ( Nordstrom, Mercedes, Chevrolet, 7/11) and are trying to maximize profits. If you don't want to pay $4 a gallon, then find another way to get around - like the bus, trains, carpools, lightrail, bicycle, walking. Have people forgotten that they don't NEED gas guzzling cars? Cars are a convenience, not a necessity. If you have set yourself up to be dependent on the automobile, who do you have to blame but yourself?

2006-07-24 17:29:19 · answer #2 · answered by commonsense 5 · 0 0

Because it is summer, and people are driving bigger and bigger cars.

Supply+Demand = Profits

And before people think that there is a conspiracy about the oil profits, please take note that it is also costing more to produce gas.

Lastly, gas prices are not really the highest ever. In the 70s it was just as bad, in fact a bit worse.

2006-07-24 17:17:41 · answer #3 · answered by JellyCat 4 · 0 0

Because 9% of $3. (27 cents) is more than 9% of $2. (18 cents)

in the 70s gas prices started out very low compared to today, (around 35 cents per gallon) Those prices jumped way up during the energy crisis. (The Arab oil embargoes.) It was during that period that gas went over $1 per gallon for the first time. Adjusted for inflation, the price of gasoline in 1981 equals $3.08 in today's dollars.

2006-07-24 17:16:34 · answer #4 · answered by Jay S 5 · 0 0

complicated answer, but it's truthful:
when oil companies discover oil, they book the cost at what it cost to drill it and other expenses involved, then divide it among the oil discovered....thus, if the oil they're pumping now was discovered 20 years ago, those are small costs, and the accountants might say "well, this oil only cost us $2/barrel to pump" because that was cost 20 years ago....now they sell it for $80/barrel (market price) and the difference is gross profit, so profits will ALWAYS go up when oil prices go up; it's not a market conspiracy, as some say, it's accounting comined with supply & demand (if you don't think that's fair, ask yourself this: if you had something that was worth $80, and everyone else was selling theirs for $80, would you sell yours for $20? I doubt it.)

2006-07-24 17:19:42 · answer #5 · answered by Dwight D J 5 · 0 0

because pro-oil lobbyist have a strong grip on most of the government , not to mention that most americans are too ignorant and too lazy to do anything about it , they just trust that the government will take care of everything and go on with their lives without a thought to the contrary, and to them i only have to say this , if you have to vote make sure to seriously consider the facts and actually think for yourself and make an inteligent decision darnit!if you cant do that then dont vote, even our founding fathers warned of the dangers of letting the ignorant masses rule that is why they created the electoral system and that is why we have radical republics like iran or isreal.

2006-07-24 17:20:50 · answer #6 · answered by hawkeyes 3 · 0 0

The oil company's need to buy new Yacts for their children...

2006-07-24 17:16:27 · answer #7 · answered by Killer 3 · 0 0

Duh, would the profits be highest ever when gas prices are low? What kind of a stupid question is that?

2006-07-24 18:14:08 · answer #8 · answered by jack f 7 · 0 0

It's called capitalism..

2006-07-24 17:24:36 · answer #9 · answered by Anonymous · 0 0

this is 06 soon to be 039

2006-07-24 17:49:45 · answer #10 · answered by Sgt. Fletcher 3 · 0 0

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