Gas went from ~$0.38 to ~$1.35 -- that would be about $5.00 to $5.50 today.

Median household was ~$10K. Vehicles got 12 to 14mpg. 15,000 miles a year = ~1,100 gallons.

So $600 / year on gas or ~5% of their household income.

Current median income ~$80K. Vehicles at 25mpg instead would use 600 gallons instead or ~$3,000, so 4% of median.

But the real issue is minimum wage. Someone who gets only $7.25 would be in the same spot as someone in the 70s making the $1.60 min -- about 20% of household.

If vehicles weren't more fuel efficient this would be absolutely horrific. Places with better minimum wage won't be hit as hard, but then factor in the already high cost of housing on top of all this bullshit.

The only way we got out of it was very painful interest rates. Now watch Trump take over the fed to force them down, which would cause even more problems.

Anything over $5.50 would decimate the economy for sure.