Gas was not $0.69/gallon in 1969 - it was nearly half that much. The main reason gasoline prices are going up is because inflation is setting in. The Fed has printed trillions of dollars and released it into the global economy through stimulus, bailouts and endless zero percent interest rates. Oil is sold in US dollars, so we see inflation directly through its sale on the global market. Bush got the ball rolling and Obama has accelerated the pace through his 4 year spending spree. Whether or not he'll get another 4 years to dig the hole deeper is anyone's guess. Either way, get used to high gas prices. In all likelihood, there will come a time soon where $4/gallon gas will be nostalgically remembered as a screaming bargain, available only in "the good old days."