What happen in the 1970s gasoline prices and why?

Question

What happen in the 1970s gasoline prices and why?

Answer 1

gasoline prices increased rapidly coz of 6 October 1973war of Egypt & israel to get Siniai back

of course usa was supporting isreal

Arab countries stop exporting oil to developed countries to force them to not be at the side of the enemy

and the plan worked

that's  the main reason which lead USA  build it's SPR ( STRATEGIC petroleum reserve)

and to sign an agreement with israel to supply it with oil in hard times

Answer 2

An Embargo by the Arab States left the US High and Dry with not enough domestic oil to feed our thirst.  As such, prices rose and pumps were dry..