Remember a few months back when we were paying about 5 dollars a gallon for regular unleaded here in Montana?  Do you also remember when the "experts" said that we would see a significant drop in the price?

Well, Montanans are still waiting.

According to AAA, the average for regular unleaded in Montana is $3.96 a gallon. The national average is $3.76 a gallon with the cheapest gas in Georgia where they're paying an average of $3.17 a gallon. California, which is the most expensive for regular unleaded, is at $5.64 a gallon.

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So what's the hold-up? Why are we still paying so much for a gallon of gas? According to Forbes, the reason is high demand and low supply.

"High demand for crude oil and low supply pushed gas prices upward this year. And though the Federal Reserve has raised interest rates five times so far in 2022—and is planning on more raises in the near future to nudge prices down—there are other factors at play internationally."

Forbes goes on to say that the war in Ukraine is another big factor when it comes to global supply. They blame the sanctions that have been put on Russia as one of the reasons that we're still paying a lot more at the pumps.

At the Gas Station
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I will be the first to admit that I'm no economist, and I'm a little confused by all of this, especially when you consider that just a few years ago gas was half the price it is now and there didn't seem to be a supply issue back then.

So is it time to get back to drilling more here in the United States? Is it time to revisit pipeline projects? These are real conversations that Americans want real answers to and not just some bullet-point red vs. blue answer.

LOOK: See how much gasoline cost the year you started driving

To find out more about how has the price of gas changed throughout the years, Stacker ran the numbers on the cost of a gallon of gasoline for each of the last 84 years. Using data from the Bureau of Labor Statistics (released in April 2020), we analyzed the average price for a gallon of unleaded regular gasoline from 1976 to 2020 along with the Consumer Price Index (CPI) for unleaded regular gasoline from 1937 to 1976, including the absolute and inflation-adjusted prices for each year.

Read on to explore the cost of gas over time and rediscover just how much a gallon was when you first started driving.

LOOK: See the iconic cars that debuted the year you were born

 

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