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US gasoline process close to 1981 record

Gasoline prices last week came within a half penny of tying the modern era's inflation-adjusted record set in March 1981, the US Energy Department said Monday.

The nationwide price of unleaded regular gasoline hit $3.218 a gallon, barely below the adjusted $3.223 a gallon level 26 years ago. Behind the rise were high crude oil prices and disruptions in output at oil refineries. The 1981 record was set two years after the Iranian revolution brought down the pro-American shah, seven months after war broke out between Iraq and Iran and two months after President Ronald Reagan ended US oil price and allocation controls. (freeinternetpress.com)