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Just for some perspective: after adjusting for inflation $4/gal today equates to about $.78/gal in 1972. So right now we’re all really paying about the same as in the “good old days”. Keep in mind though that $4 is record high (about a year or so back it was still around $2), so we’ve been enjoying dirt cheap gas for decades. Economics 101: increased demand (China, India), restricted supply(EPA laws, ban on new nuke power), not to mention a big chunk for taxes, are keeping the price up on the supply/demand curve.
Posted by Blaine on 05/30/08 at 11:08 AMWhen I bought my first car I could fill up an empty tank, buy a snack, pay with a $10 bill and still get back change… And I’m only 25. I remember paying less than $.70/gallon traveling through Georgia where there was no state tax on fuel.
Just bought our second tank of gas in Israel. It cost us 250 shekels, or $80.
Posted by Yaakov on 05/29/08 at 04:59 PM
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