On this day in 1973 the Arabs imposed an oil embargo against the U.S. The price of gas shot up!   And people started looking for alternative fuels. Detroit also started developing vehicles that weren't dependent on gas.  As a result gas prices rose 4 cents a gallon from 36 cents in 1972 to 40 cents in 1973.  In today's economy that would be near 3.00 dollars a gallon.  So the cost is pretty similar to what we have now.