Wednesday, April 1, 2026

Sid Salter: Everything Old is New Again at the Gas Pumps

The cost of the first gallon of gas I bought as a kid in 1973? It was 28 cents a gallon. In Flowood last week I filled up for $3.60 a gallon.

Mississippians of a certain age have seen energy crises come and go. But few eras tested the patience, pocketbooks, and perseverance of everyday Americans like the oil shocks of the 1970s. Those of us who remember the long gas lines and rationing under Presidents Richard Nixon and Jimmy Carter can’t help but feel a chill of recognition as today’s conflict with Iran reverberates through global energy market.

The first great modern energy crisis arrived in 1973, when Arab oil‑producing states launched an embargo in retaliation for U.S. support of Israel in the Yom Kippur War. Policymakers feared shortages, and as crude oil quadrupled from roughly $3 to nearly $12 per barrel. American consumers felt the pain. Nixon imposed federal rationing to maintain supply, but it only tightened the squeeze. Long lines at the pumps became a daily ritual as motorists sought the gas they needed to get to work or take their kids to school.

For Mississippi, the shortages hit especially hard as a rural state, with long drives between home, work, and school. In the 1970s, agriculture, timber, and manufacturing — all heavily dependent on diesel fuel — felt the sting of rising fuel prices. Even before the crunch, gas could be bought for under 30 cents a gallon in many places; by the end of the decade, the days of cheap fuel were over.

And with our state’s economy deeply tied to transportation costs, Mississippi families saw higher prices ripple through groceries, building supplies, and everything that had to be trucked.

Economists coined a term for what the nation experienced: stagflation — the toxic combination of inflation and stagnant economic growth. As oil prices rose, costs for electricity, food, and manufactured goods did, too.

According to the National Museum of American History, the 1973 embargo produced a 350% increase in crude oil prices, and those increases cascaded across the economy. By the end of the decade, after the 1979 Iranian Revolution upended global supply again, crude oil prices nearly doubled in a single year, reaching $39–$40 per barrel.

Meanwhile, the Federal Reserve, trying to tame inflation that had jumped from under 5% to nearly 7% by 1979, hiked interest rates dramatically. By late 1978, the federal funds rate had climbed from 6.9% to 10%, squeezing homebuyers, farmers, and small businesses. In Mississippi, where credit has always been the lifeblood of rural communities, the rise in borrowing costs compounded the hardship.

Fast‑forward to 2026, and the war involving Iran is introducing a new generation to the old anxieties of energy insecurity. This time, the flashpoint is the Strait of Hormuz, a narrow corridor through which some 25% of the world’s seaborne crude and 20% of liquefied natural gas (LNG) must pass. With Iran disrupting oil traffic, global oil markets have reacted with the same speed and severity as in the 1970s. Oil prices have surged more than 25%, LNG prices have doubled, and analysts warn that crude could reach $150–$200 per barrel if the conflict drags on.

In the U.S., gasoline prices recently jumped to an average of $3.41 per gallon, up 43 cents in a single week, according to AAA figures. Higher diesel costs squeeze our farmers, poultry producers, and timber operations — the same sectors that took the brunt of the 1970s crisis. Add in rising fertilizer costs resulting from disrupted sulfur, urea, and ammonia shipments, and Mississippi’s agricultural economy again finds itself in the crosshairs.

Globally, economists estimate that if oil averages $100 per barrel this year, worldwide economic growth will fall by 0.2 percentage points, while inflation will climb as much as 0.7 points. That’s not stagflation — but it’s close enough to make policymakers nervous.

What’s the lesson from the 1970s that Mississippians should remember in 2026? First, energy insecurity anywhere, unfortunately, leads to higher prices everywhere. Second, rural states with long supply chains and energy‑intensive industries feel the strain sooner and more sharply. Third, global economic shocks don’t stay global for long.

Most of all, the 1970s taught us that energy stability isn’t guaranteed. Today’s crisis differs in technology, geography, and politics — but the economic punch feels familiar. Mississippi weathered those storms before, and with foresight and resilience, we’ll weather this one, too.

Sid Salter is a syndicated columnist. Contact him at sidsalter@sidsalter.com.

27 comments:

Anonymous said...

It’s fine, MAGA. I don’t mind spending $200 filling up my F-250 if Trump says it’s necessary. He knows all and I trust him with my life (and my children).

Anonymous said...

It's certainly not what we voted for. Nobody I know voted for Democrat style gas prices. Democrat style government takeovers (very happy about the supreme leader being dead) ......

Anonymous said...

Wonder what gas will be, along with the amount limited, when the Communists take over.

Anonymous said...

The Obama/Biden appeasement tactics didn't give us cheap gas because they were just ensuring the Iranian bullies stayed in power. At least now, the increased prices are due to taking out the bully, and I expect the prices will trend down again as soon as the job is done. This short pain is worth it for the long run.

Anonymous said...

It's all fun and games until the music stops and people realize that all the chairs have the dildos of consequence waiting for a sitter.

Anonymous said...

It’s fine, Dims. We know you have memory loss when it went up under Obama and Biden. You should’ve switched to electric or hybrid like your cult said to, learned to program (big bux! price wouldn’t matter!). We know you’re just complaining to complain because Orange Man Bad.

Anonymous said...

You should get an EV. You lefties love those fine machines.

Anonymous said...

The extra $50 is a cheap price to pay, 8:13, to neutralize one of the biggest threats the world has ever faced. And if the other side ever gets their way, you won’t be allowed to drive a gas guzzler like that anyway.

Anonymous said...

Man oh man -- 10000 words on the contents of a ping pong ball from S.S. once again (respectfully speaking of course). That $0.28 price from 1973 is about $1.80 per gallon today when adjusted for inflation. Are we more energy independent, capable, and diverse today? Yup. Will energy prices come down? Yup. I think 8:13 likely has the right mindset for many reasons which include more than gas prices...

Anonymous said...

But the new Supeeme Leader is worse than the last one! And you are measuring “winning” based on irrelevant information from Israel regarding who was killed and what buildings got demolished. Meanwhile, no evidence justifying the attack has been released so there is also no evidence that anything was accomplished.

Anonymous said...

It seems to me as though Sid writes like he wants me to see him as some wise elder statesman, but it always sounds instead like a pronouncement reworded from some lobby’s talking points memo and a quick gloss of a Wikipedia article.

Anonymous said...

You MAGA cultists and your Cheeto Mussolini have yet to offer a single shred of evidence that there was a threat to the United States.

Like the Jim Jones cult. you and your cult will finally feel the effects of drinking that koolaid when you are replaced and tried for crimes before the statutes of limitations can run out! Buckle up! And pucker up!

Anonymous said...

There he goes pulling Nixon in to Carter’s debacle. It’s a common trick played by your Democrats. They don’t look so bad if they can Republicans into the messes they make

Anonymous said...

I was buying gas in the 70s. I don't remember it being a particular hardship at any point in that decade. What I DO remember is the nutball federal 55 mph speed limit. And the song. I also remember diesel being notably cheaper than gasoline - something that hasn't been the case since the 80s. Diesel requires less refining than gas...

Anonymous said...

@8:53
Everyone should like EV’s.
Teslas are the fastest things on 4 wheels.
Range anxiety is real in an EV but nothing says I can’t own a Tesla and a Lexus. Which I do own both

Anonymous said...

Sid failed to mention some huge differences:

Prime Interest Rate Rate: 21.5% (Dec 19, 1980).

Key backdrop: 1973 Oil Crisis and 1979 Oil Crisis - Highly dependent on imports - 35–45% of U.S. oil was imported.

Key shift: U.S. Shale Revolution - Near energy independence (net exporter status, no thanks to leftist Democrat s__t eaters). The U.S. produces ~13+ million barrels/day (world’s largest producer). Net exporter of petroleum products (and often crude + products combined).

We are a nation of P____’s today with TDS’ers rooting against the country i.e. for Trump to fail due to their obsessive hatred.

So, no, Everything Old isn’t exactly New Again.

Anonymous said...

10;00. How did the dems make poor Donald shut down the strait of hormuz?

Anonymous said...

Can we start being Americans instead of making the political parties richer and richer? Have you seen how much money they have if we never contribute another dime?
Can we decide what issues matter if bothering to learn what states and countries have successful policies and see if any might apply well here? Can't we at least see if other states have solved some of our problems and find out HOW they did that?
All I see is the parties and those we elect get richer and we don't. I don't care which party it is. Name a national politician that didn't increase his or her wealth( even those who were wealthy to start and look how their "funds in trust" did compared to ours), while in office.
Or find out what laws are different than they were when you thought our Nation was it's most peaceful and prosperous. IMHO we have been taken to the cleaners since 1964 by every single Congress...mostly by one sentence in bill that otherwise sounds GREAT!

Anonymous said...

@9:45. Do you live in an echo chamber? Have you done any studies on modern terrorism? It is the goal of many radical Muslims to complete eradicate western culture. They have roped other countries into their objective, and would gladly annihilate us if they had the opportunity. We are ALWAYS under attack, and I am just thankful hat we have a president in office that won't sit idly by. We were probably the weakest that we had been since Carter while Biden was in office.

Anonymous said...

So 9:40 thinks nothing’s been accomplished in Iran, and 9:45 thinks Iran posed no threat to the U.S. There is no way to argue with that level of ignorance.

Anonymous said...

@10:03am - Yeah, but it seems like you have a functioning brain, which is severely lacking in the cultists commenting here.

Anonymous said...

Voting for bold face liars is nothing new in Missippi, the average voter has been voting against his best interest for the last 25 years that I have lived here. The low taxes and cheap insurance works for me. Fortunately my son has a camp in Louiana where I spend most my time.

Anonymous said...

Biden was able to drive up oil and gas prices in the absence of a war- due to his nonsensical economic policies.

Anonymous said...

April 1, 2026 at 9:45 AM, and they all lived happily ever after, right.

Anonymous said...

April 1, 2026 at 9:45 AM, you have that middle school mind working this morning. Arrested development on display.

Anonymous said...

April 1, 2026 at 10:04 AM, you drive them both at the same time?

Anonymous said...

Sid may be the most dishonest writer I have seen. I took a photo of a Chevron gas pump on April 26, 2020 with the price of $1.069. On April 27, 2024 the Chevron price was $3.349. Ole Sid never wrote about that. Nor did Bubba Sid write about Biden draining the Strategic Oil Reserves down to very dangerous levels to push down gasoline prices just before the midterm elections.


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Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).


Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.

Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".

In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.


In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.

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There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

This is definitely a Beaver production.

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