I keep seeing statements such as the following pop up in the news:
And taking general inflation into account, it is slightly cheaper than what motorists paid in March 1981 in the aftermath of the Iran hostage crisis. Then, gas cost $1.41 a gallon, or $3.12 in 2005 dollars.
Hebert, H. Josef. “Q&A: Less oil, costly ethanol; that’s trouble” The Modesto Bee. 26 April 2006.
My immediate observation was that gas prices themselves are a part of the inflation calculation, and this may influence the comparison. I set about to explore this in more detail, and my findings are below.
Recent Comments