I worked in a gas station in 1970. The price of gasoline varied from the low to mid $.20s to around $.40/gal., depending the octane rating, and whether or not it was a mainstream refiner or an independent. There were more refineries in the US in 1970 than there are today (2011), and OPEC was only 10 years old.
The yearly average price for gasoline was 0.35 (see http://inflationdata.com/inflation/images/charts/OilInflation_adjusted_gasoline_price.jpg and http://www.terryfrazier.com/fullThread$msgNum=1621#msg1621) Adjusted for inflation, it was about 1.90, or about the same it is today. Also in 1970, price wars were a common occurence among gas stations. In Arizona for weeks at a time a gallon of gas was priced at 0.25.
We are in 2013 and all you have to do is look at the station signs. Considering the past performance of prices I predict that the cost will go to 5.00 plus by the end of the year. The gas companies have been steadily working to get the price to that level since the 1970's and they are just about there.