So you think 33 cent gas was a bargain?
Take a look at a simple analysis of gas cost as a percentage
of median incomes over the years.
Note that this table starts at the peak muscle car years.
Draw your own conclusions. 
1980 got completely out of hand!
Gasoline Cost 1967-1997
  average cost per gallon Regular Gas (3) gallons used per year (1) cost per year   Median Household Income (2) % of income
1967 0.332 1050 348.6 1967 7,143 4.88%
1968 0.337 1100 370.7 1968 7,743 4.79%
1969 0.348 1175 408.9 1969 8,389 4.87%
1970 0.357 1225 437.325 1970 8,734 5.01%
1971 0.364 1275 464.1 1971 9,028 5.14%
1972 0.361 1350 487.35 1972 9,697 5.03%
1973 0.388 1400 543.2 1973 10,512 5.17%
1974 0.532 1275 678.3 1974 11,197 6.06%
1975 0.567 1300 737.1 1975 11,800 6.25%
1976 0.59 1350 796.5 1976 12,686 6.28%
1977 0.622 1375 855.25 1977 13,572 6.30%
1978 0.626 1375 860.75 1978 15,064 5.71%
1979 0.857 1275 1092.675 1979 16,461 6.64%
1980 1.191 1150 1369.65 1980 17,710 7.73%
1981 1.311 1075 1409.325 1981 19,074 7.39%
1982 1.222 1050 1283.1 1982 20,171 6.36%
1983 1.157 1050 1214.85 1983 20,885 5.82%
1984 1.129 1050 1185.45 1984 22,415 5.29%
1985 1.115 1050 1170.75 1985 23,618 4.96%
1986 0.857 1050 899.85 1986 24,897 3.61%
1987 0.897 1075 964.275 1987 26,061 3.70%
1988 0.899 1100 988.9 1988 27,225 3.63%
1989 0.998 1075 1072.85 1989 28,906 3.71%
1990 1.149 1050 1206.45 1990 29,943 4.03%
1991 1.14 1000 1140 1991 30,126 3.78%
1992 1.127 1050 1183.35 1992 30,636 3.86%
1993 1.108 1075 1191.1 1993 31,241 3.81%
1994 1.112 1075 1195.4 1994 32,264 3.71%
1995 1.147 1075 1233.025 1995 34,076 3.62%
1996 1.231 1075 1323.325 1996 35,492 3.73%
1997 1.234 1075 1326.55 1997 37,005 3.58%
2000? 1.69? 1150? 1943.5 2000? 40,000? 4.86% 
Hmmm, 2000 might end up just like 1967.
Sources:
(1) U.S. Department of Transportation (Bureau of Transportation Statistics)
(2) U.S. Census Bureau (Historical Income Table H-5 Household)
(3) eia.doe.gov (Retail Motor Gasoline and On-Highway Diesel Fuel Prices, 1949-1997)
The graph below shows a dramatic increase in gas mileage from about 1974 to 1995.
Obviously the switch from 8 cylinder to 4 and 6 cylinder engines was the major
contributor.  Advanced engine controls and aerodynamics probably make up the
remaining contribution.  The question seems to be: Would natural development have
yielded different results than federally mandated development?


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