A Return to $2 Gas?

It’s a new campaign pledge by Republican presidential hopeful Michelle Bachmann, but a close look at the history of U.S. gasoline prices indicates that turning the clock back to $2 gasoline would bring the nation back to some brief, and not- necessarily-prosperous eras.

An interactive graphic developed by the U.S. Energy Information Administration shows that in inflation-adjusted terms, the price of gasoline was well over $2 per gallon through most of our history with motorized vehicles. From 1919, right through two World Wars and the Depression, through the post-War expansion right through the 1960s, the price never dipped below the $2.20 mark (in inflation-adjusted terms). Only amid a recession in 1970 did the price of

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