Here’s a great article about the cost of gas. This is something I researched a little in microeconomics and decided to write on. The press wants us ‘Average Joes’ to think we’re in a major crisis with gas prices. I think otherwise. Read the article “Sky-high gas prices? Not really.”
The numbers given in the media don’t take into account inflation. Maybe they should cause a big stink about the rising cost of candy. Back in the day, you could get a handful of candy for a penny. Good luck getting that deal today.
As stated in the article, money is relative to the time period. “Sure, the $2.03 being charged at the pump today seems high. But in actual financial terms, it's a lot less onerous than the $1.25 a gallon motorists were paying in 1980 -- a whopping $2.80 when translated into 2004 dollars. (Adjusted the other way, today's $2.03 pump price is equal to 89 cents in 1980 dollars.)”
We're getting one heck of a deal! We're paying about 39% less than twenty years ago! Seems the whole gas price crisis is nothing but a media fallacy.