The economy in the 70’s was horrible. It was so bad that the double digit interest rates and rising prices were responsible for Mr Reagan getting elected in 1980. Long gas lines, during both the Nixon and Carter administrations were typical, and during the 70’s, fuel prices went from under 30 cents a gallon in 1970 to over a dollar a gallon in 1980. At one point, gas stations tried selling gas by the liter. Reason being, a liter being only about one-quarter gallon, they could raise the prices four times as fast, and people were still used to seeing the price per gallon posted would think that 15 cents a liter looked less expensive than 60 cents a gallon. In the mid 70s, while Microsoft was still years away from being created, Exxon was the most powerful company in the world and King Faisal who controlled OPEC was Time Magazine's Man Of The Year.
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