In a 1975 radio interview, Seger said: "'Lookin' Back' is a strange record. At that time there was a lot of political upheaval happening in the area. I felt that in '2+2,' and I felt it in 'Lookin Back.' And 'Looking Back' was basically written about all the people who wanted to retain the conservative ideas, as opposed to trying anything liberal or new. Plus it had a double meaning about the band, too, and the music that had gone down."
This is a classic Seger cut that has never been included on a studio album, although it does appear on his Live Bullet album.
This did very well in the Detroit area, but it would be a while before Seger gained fame on a national level. (thanks, Ted - Loveland, CO, for all above)
