Inflation adjusted gas prices 1918-2008

[Thump553]

I had completely forgotten that as late as 1975 gas was still fifty cents a gallon.

Think of it-what I used to spend to fill up my car's gas tank I now spend to fill up my lawnmower's gas can.

 

[Engineer]

Originally posted by: Thump553
I had completely forgotten that as late as 1975 gas was still fifty cents a gallon.

Think of it-what I used to spend to fill up my car's gas tank I now spend to fill up my lawnmower's gas can.

1975?

In 1998, oil was $10.25 per barrel and gas was $0.49 per gallon in Corbin, KY ($0.59 in Lexington, KY). I bought just over 14 gallons for $7.00.

 

[BoomerD]

Originally posted by: Engineer

Originally posted by: Thump553
I had completely forgotten that as late as 1975 gas was still fifty cents a gallon.

Think of it-what I used to spend to fill up my car's gas tank I now spend to fill up my lawnmower's gas can.

1975?

In 1998, oil was $10.25 per barrel and gas was $0.49 per gallon in Corbin, KY ($0.59 in Lexington, KY). I bought just over 14 gallons for $7.00.

I haven't seen gas quite that cheap since before the 1st Gulf war, but in the late 90's we were paying under $1/gallon here in NorCal. Then we had 2 major refineries go down at the same time, (Tosco and Chevron) and prices spiked to $2/gallon within a week. (this was the first time gas had hit $2) That lasted about 2 months and prices dropped into the $1.30-$1.50 range and stayed there...until 9-11 and gas prices dropped because the oil companies were'nt making jet fuel.

 

[dmcowen674]

Originally posted by: charrison

Originally posted by: BoomerD

Originally posted by: lupi
I was paying about a buck a gallon 7 years ago.

Oh sure...bring Bush into the argument...:roll:

Prices (for some reason) have gone through the roof since 2000...regardless what the real cause may (or may not) be, the looks of it may certainly point to GWB finally making money for an oil company...

And one could also say it has taken a really big spike since the dems took both houses of congress.

Completely untrue

 

[Jhhnn]

While part of the price of petroleum is due to increased demand and speculation, part of it is due to the ongoing devaluation of the dollar, the currency of oil, the major part of the currency reserves of oil producing nations. In 2000, the Euro and the Dollar were at rough parity. Today, it takes $1.57 to buy 1 Euro. So while we're paying $140/bbl, they're paying 90 euros/bbl...

Yeh, their price has gone up, but not nearly so much as our own... We've finally completely abused our position as the world's reserve currency, flooding international markets with dollars that the rest of the world couldn't obtain stated value from as fast as we sent 'em out... every one that flows out as part of the balance of trade deficit makes each one out there worth less... wash, rinse, repeat until the value is gone entirely...

 

[charrison]

Originally posted by: dmcowen674

Originally posted by: charrison

Originally posted by: BoomerD

Originally posted by: lupi
I was paying about a buck a gallon 7 years ago.

Oh sure...bring Bush into the argument...:roll:

Prices (for some reason) have gone through the roof since 2000...regardless what the real cause may (or may not) be, the looks of it may certainly point to GWB finally making money for an oil company...

And one could also say it has taken a really big spike since the dems took both houses of congress.

Completely untrue

18 months ago gas price average was 2.40, today is 4.00, I am glad they got elected and fixed gas prices....

 

[dmcowen674]

Originally posted by: charrison

Originally posted by: dmcowen674

Originally posted by: charrison

Originally posted by: BoomerD

Originally posted by: lupi
I was paying about a buck a gallon 7 years ago.

Oh sure...bring Bush into the argument...:roll:

Prices (for some reason) have gone through the roof since 2000...regardless what the real cause may (or may not) be, the looks of it may certainly point to GWB finally making money for an oil company...

And one could also say it has taken a really big spike since the dems took both houses of congress.

Completely untrue

18 months ago gas price average was 2.40, today is 4.00, I am glad they got elected and fixed gas prices....

What could they do with a 51/49 split?

Guaranteed there will be no answer, just crickets....

 

[charrison]

Originally posted by: dmcowen674

Originally posted by: charrison

Originally posted by: dmcowen674

Originally posted by: charrison

Originally posted by: BoomerD

Originally posted by: lupi
I was paying about a buck a gallon 7 years ago.

Oh sure...bring Bush into the argument...:roll:

Prices (for some reason) have gone through the roof since 2000...regardless what the real cause may (or may not) be, the looks of it may certainly point to GWB finally making money for an oil company...

And one could also say it has taken a really big spike since the dems took both houses of congress.

Completely untrue

18 months ago gas price average was 2.40, today is 4.00, I am glad they got elected and fixed gas prices....

What could they do with a 51/49 split?

Guaranteed there will be no answer, just crickets....

What have they even tried to do? So far they have only wanted to grill oil companies rather than let them drill.

Care to give the republicans a pass for having the same 51/49 split handicap for their prior years?

 

[dmcowen674]

Originally posted by: charrison

Originally posted by: dmcowen674

What could they do with a 51/49 split?

Guaranteed there will be no answer, just crickets....

What have they even tried to do?

So far they have only wanted to grill oil companies rather than let them drill.

Care to give the republicans a pass for having the same 51/49 split handicap for their prior years?

Explain

 

[charrison]

Originally posted by: dmcowen674

Originally posted by: charrison

Originally posted by: dmcowen674

What could they do with a 51/49 split?

Guaranteed there will be no answer, just crickets....

What have they even tried to do?

So far they have only wanted to grill oil companies rather than let them drill.

Care to give the republicans a pass for having the same 51/49 split handicap for their prior years?

Explain

So far congress has only investigated high oil prices, grilling oil executives on why prices are so high. At the same time the refuse to allow more domestic oil exploration. So even though they had to plan to fix oil prices they have done nothing but talk.

 

[JD50]

Originally posted by: dmcowen674

Originally posted by: charrison

Originally posted by: dmcowen674

Originally posted by: charrison

Originally posted by: BoomerD

Originally posted by: lupi
I was paying about a buck a gallon 7 years ago.

Oh sure...bring Bush into the argument...:roll:

Prices (for some reason) have gone through the roof since 2000...regardless what the real cause may (or may not) be, the looks of it may certainly point to GWB finally making money for an oil company...

And one could also say it has taken a really big spike since the dems took both houses of congress.

Completely untrue

18 months ago gas price average was 2.40, today is 4.00, I am glad they got elected and fixed gas prices....

What could they do with a 51/49 split?

Guaranteed there will be no answer, just crickets....

And what have the Republicans done to raise gas prices with a 49/51 split? For years you've blamed it all on Republicans, but somehow gas prices are still rising and Republicans are no longer in control. Looks like you were full of shit all along.

 

[Ronstang]

Originally posted by: JD50

Originally posted by: dmcowen674

Originally posted by: charrison

Originally posted by: dmcowen674

Originally posted by: charrison

Originally posted by: BoomerD

Originally posted by: lupi
I was paying about a buck a gallon 7 years ago.

Oh sure...bring Bush into the argument...:roll:

Prices (for some reason) have gone through the roof since 2000...regardless what the real cause may (or may not) be, the looks of it may certainly point to GWB finally making money for an oil company...

And one could also say it has taken a really big spike since the dems took both houses of congress.

Completely untrue

18 months ago gas price average was 2.40, today is 4.00, I am glad they got elected and fixed gas prices....

What could they do with a 51/49 split?

Guaranteed there will be no answer, just crickets....

And what have the Republicans done to raise gas prices with a 49/51 split? For years you've blamed it all on Republicans, but somehow gas prices are still rising and Republicans are no longer in control. Looks like you were full of shit all along.

Dave is like your colon, if he wasn't full of shit he would be empty.

 

[BoomerD]

Originally posted by: Ronstang
Dave is like your colon, if he wasn't full of shit he would be empty.

I dunno...everyone ridiculed him for his "Drive for Five" threads, but it sure looks like they're coming true...just a little bit later than he predicted.

Those who say this is the fault of the Democrats...what could they do with the current make-up of Congress? It's not likely they could get enough "traitors" to cross the aisle to over-ride what would be a certain BushCo veto...

 

[BassBomb]

Isn't there still inflation right now? So shouldn't the nominal price and real adjusted price still be different

Or am I missing something here?

 

[Doc Savage Fan]

Originally posted by: BoomerD

Originally posted by: Ronstang
Dave is like your colon, if he wasn't full of shit he would be empty.

Those who say this is the fault of the Democrats...what could they do with the current make-up of Congress? It's not likely they could get enough "traitors" to cross the aisle to over-ride what would be a certain BushCo veto...

I think blaming the Dems comments were just pokes at Democrats...throwing the same stupid crap they've been slinging for so long back in their face.

I guess the Dems are waiting for Obama and a super majority in Congress before starting to reach across the aisle and show how effective they are at working towards bi-partisan solutions.

 

[RightIsWrong]

One thing that I still can't fully grasp is that oil doesn't make it to market until over a month after the purchase yet any increase in oil is immediately placed into the current supply which was paid for over 30 days ago when it was "only" $116/barrel.

 

[dmcowen674]

Originally posted by: RightIsWrong
One thing that I still can't fully grasp is that oil doesn't make it to market until over a month after the purchase yet any increase in oil is immediately placed into the current supply which was paid for over 30 days ago when it was "only" $116/barrel.

:lips: :heart:

 

[dmcowen674]

Originally posted by: BoomerD

Originally posted by: Ronstang
Dave is like your colon, if he wasn't full of shit he would be empty.

I dunno...everyone ridiculed him for his "Drive for Five" threads, but it sure looks like they're coming true...just a little bit later than he predicted.

Those who say this is the fault of the Democrats...what could they do with the current make-up of Congress? It's not likely they could get enough "traitors" to cross the aisle to over-ride what would be a certain BushCo veto...

:lips: :heart:

 

[blackangst1]

I predict states will remove themselves from the nation, and national unemployment to hit 25%

Of course it wont be soon, but eventually it will happen. I told you so's will be in order. I am a prophet.

 

[JD50]

Originally posted by: BoomerD

Originally posted by: Ronstang
Dave is like your colon, if he wasn't full of shit he would be empty.

I dunno...everyone ridiculed him for his "Drive for Five" threads, but it sure looks like they're coming true...just a little bit later than he predicted.

Those who say this is the fault of the Democrats...what could they do with the current make-up of Congress? It's not likely they could get enough "traitors" to cross the aisle to over-ride what would be a certain BushCo veto...

I'll ask again.

"And what have the Republicans done to raise gas prices with a 49/51 split? For years you've blamed it all on Republicans, but somehow gas prices are still rising and Republicans are no longer in control."

This is NOT a Democrat/Republican thing. And you're seriously giving Dave credit for the "Drive for Five"? In the summer of 06, he predicted gas would hit $5 a gallon by Christmas of 06. It is now the summer of 08 and it still hasn't hit $5 a gallon. Do you see the problem there?

 

[Red Dawn]

Originally posted by: Ronstang

Dave is like your colon, if he wasn't full of shit he would be empty.

And what are you, his colostomy bag?

 

[SickBeast]

Originally posted by: jpeyton
I also read today that someone attributed the HUGE surge in oil prices today to the Israeli saber-rattling about an "inevitable" military conflict with Iran. That's not surprising.

I've been hearing that there are several enormous hedge/pension funds (not sure what a 'hedge fund' is) that are manipulating the price of oil artificially higher. Apparently demand for oil has been way down lately, but these people have been screwing us all over. :thumbsdown:

 

[Martin]

Here's another interesting graphic I ran across: Percentage of income spent on gas.
http://www.nytimes.com/interac...0609_GAS_GRAPHIC.html#

 

[BassBomb]

Originally posted by: RightIsWrong
One thing that I still can't fully grasp is that oil doesn't make it to market until over a month after the purchase yet any increase in oil is immediately placed into the current supply which was paid for over 30 days ago when it was "only" $116/barrel.

I never thought of that!

What I really don't understand is why price seems to jump each week due to "SPECULATION" and not exactly truth.

 

[Thump553]

I was watching a panel discussion on CSPAN over the weekend and one of the panelists mentioned that oil now chnages hands an average of 22 times between the ground and the pump. He was arguing that this "excess liquidity" (ie, speculation) is much of the cause of of gas, diesel, etc. price increases recently.

Frankly, I like someone to explain to me what harm would be caused by the government tamping down on the oil futures market by raising margin requirements, etc. They did it with silver after the Hunt brothers tried to corner that market, it can be done with oil as well.