Academic Rationale Behind Gas Prices

Baltimore Sun Q&A on gas prices featuring a macroecon prof from a stellar college in Westminster, MD. Check out this quote:

"Here is an interesting bit of trivia for history buffs: When adjusted for
inflation, average gas prices were higher in the early 20th century than they
were during the 1970s and 1980s, periods that most of us associate with
expensive gas. Gas prices in the roaring 1920s, for example, averaged more than
$2.50 in current dollars and averaged more than $2 a gallon even during the
deflationary years of the Great Depression. Indeed, it was not until the 1960s
that gas prices were consistently observed below $2 a gallon in current terms."