A few little tidbits on gas prices for you guys

[rudeguy]

with everyone complaining about gas prices and debating on who is to blame, I thought this would help.

how gas prices work

a couple quotes

Historical Gas Prices*
Year Price Per Gallon
1950 $1.91
1955 $1.85
1960 $1.79
1965 $1.68
1970 $1.59
1975 $1.80
1980 $2.59
1985 $1.90
1990 $1.51
1995 $1.28
2001 $1.66
*Prices adjusted for inflation



The United States consumed an average of 19.5 million barrels of oil per day (bbl/d) in 2000.



When foreign oil production decreases, you often hear the media talk about the U.S. Strategic Petroleum Reserve (SPR). As of February 2004, it stores about 645 million barrels of oil.


Taxes - Taxes, including federal and local, account for about 31 percent of the total price of gas in the United States. Federal excise taxes are 18.4 cents per gallon, and state excise taxes average 19.96 cents per gallon

 

[FoBoT]

i'll take some 1995 gas please

 

[Azraele]

Originally posted by: FoBoT
i'll take some 1995 gas please

Me too.

 

[PCTweaker5]

What happened in 1980?

 

[Megatomic]

Iranian hostage crisis maybe?

 

[MAME]

Originally posted by: PCTweaker5
What happened in 1980?

oil shortage

look at late 70's to early 80's cars for proof

 

[FoBoT]

inflation was double digits at the end of the 70's/early 80's, it was one of the reasons Carter wasn't re-elected. i would think the high relative gas price was in some part due to the high inflation

 

[Amorphus]

Inflation and gas prices also led to the rise of Japanese cars in the American market. We have Carter to blame for ricers! :|

I remember in 1999, there was one place that had gas for $0.96. Screw adjusting for inflation, sodas still costed $0.75 at a vending machine then, just like now, and therefore inflation means squat. A dollar bought you the same amount.

 

[Lonyo]

Originally posted by: Amorphus
Inflation and gas prices also led to the rise of Japanese cars in the American market. We have Carter to blame for ricers! :|

I remember in 1999, there was one place that had gas for $0.96. Screw adjusting for inflation, sodas still costed $0.75 at a vending machine then, just like now, and therefore inflation means squat. A dollar bought you the same amount.

And education was as good as ever.

 

[Fiveohhh]

Cheapest I remember was at a cheap gas station when I was in TX in the winter of 98 $.89 even decent gas stations were $.96

 

[waggy]

heh i remember paying $1.20 for gas when i was younger. one time me and some buddies went on a trip and paid $.77 a gallon! wow!

hmm come to think of it i remember the local clark having it for 99cents a lot

 

[JeffreyLebowski]

Originally posted by: Lonyo

Originally posted by: Amorphus
Inflation and gas prices also led to the rise of Japanese cars in the American market. We have Carter to blame for ricers! :|

I remember in 1999, there was one place that had gas for $0.96. Screw adjusting for inflation, sodas still costed $0.75 at a vending machine then, just like now, and therefore inflation means squat. A dollar bought you the same amount.

And education was as well as ever.

 

[Match]

Originally posted by: JeffreyLebowski

Originally posted by: Lonyo

Originally posted by: Amorphus
Inflation and gas prices also led to the rise of Japanese cars in the American market. We have Carter to blame for ricers! :|

I remember in 1999, there was one place that had gas for $0.96. Screw adjusting for inflation, sodas still costed $0.75 at a vending machine then, just like now, and therefore inflation means squat. A dollar bought you the same amount.

And education was as good as ever.

fixed

edit: oops, that was a joke wasn't it? Sorry, I'm slow. :beer:

 

[PanzerIV]

Originally posted by: Fiveohhh
Cheapest I remember was at a cheap gas station when I was in TX in the winter of 98 $.89 even decent gas stations were $.96

Yeah, around the same time I recall a Shell station had gas for .90 cents. How I miss those days considering I am paying double now.

 

[Apex]

Makes a lot of sense. However, it takes basic financial understanding to comprehend inflation adjusted pricing. It's beyond the grasp of the general public, and doesn't seem to make as good news stories.

 

[RU482]

Originally posted by: FoBoT
i'll take some 1995 gas please

I'll take some 1998 gas, the summer it went down to $0.79/gal...in 1998 money
what would that be adjusted for inflation?

 

[ElFenix]

Originally posted by: FoBoT
inflation was double digits at the end of the 70's/early 80's, it was one of the reasons Carter wasn't re-elected. i would think the high relative gas price was in some part due to the high inflation

i think you've got it backward there chief

 

[Eli]

Originally posted by: redly1

Originally posted by: FoBoT
i'll take some 1995 gas please

I'll take some 1998 gas, the summer it went down to $0.79/gal...in 1998 money
what would that be adjusted for inflation?

$0.79 in 1998 is $0.91 in 2004.

 

[richardycc]

wow, we only have enough reserve for ~33days? I think we are f<uked!

 

Adjusting prices for inflation really does not give an accurate figure.

 

[TwiceOver]

Gas went down today for me at least. Last week it was $2.03, today it was $1.96. Then again last week it was before Memorial Day Weekend. Faskers.

 

[TMPadmin]

What's the big deal? I just built my time machine into my car. I fill up everytime I want -cheap!

 

[rudeguy]

Originally posted by: TwiceOver
Gas went down today for me at least. Last week it was $2.03, today it was $1.96. Then again last week it was before Memorial Day Weekend. Faskers.

went up $.20 overnight here in MI

 

[PatboyX]

i remember a buddy of mine lived near a station that had 92 cent gas.
we were always trying to fill up there.

 

[EMPshockwave82]

thursday before memorial day 1.95
friday before memorial day 2.10