What happened to gasoline in the mid 1970s?

I'll quibble that when an engine is producing near its maximum torque and power (for any given rpm) the exhaust HCs are high. So in those instances more HC in the exhaust occurs when the engine is more mechanically efficient, even though its chemically less so.

I suppose the explanation is the most power is made when the most oxygen is used for burning.

I agree...and "I'll" come back and quibble that the amount of hydrocarbons "flashed" from evaporation pales in comparison to those released when fuel is burned.