Energy

Cheap Gas -- For Now

Happy anniversary, drivers! Just a year after Iraqi troops conquered Kuwait and gasoline prices began spiking, a new study by oil historian Daniel Yergin says pretax, inflation-adjusted gasoline prices are at their lowest point since 1947. Even with recent increases in federal and state fuel taxes, gasoline costs Americans 44% less in real terms than it did in 1980, and, surprisingly, 24% less than it did in the halcyon days of 1960, before anyone had heard of Saddam Hussein or OPEC. Of course, what consumers pay at the pump does not factor in the real environmental and military costs of America's...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!