DIYbanter - View Single Post

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On 14 Aug 2005 14:44:48 -0700, wrote:

Adjusted for inflation, gasoline now costs less than it did 20 years
ago.
NPR, as I remember it, said three days ago that the cost of a barrel of
oil in 1970 adjusted for inflation would be $90.00 today.
I ran my own test, remembering gasoline as $0.35 per gallon in 1958.
Adjusted for inflation, it would be slightly less than $3.00 per gallon
today.

Doesn't matter. All that matters is how long did you have to work in 1970
to buy
a gallon of gas and how long do you have to work now.

When I started driving in 1963 gas was about 25¢ and minimum wage was about
!.37 per hour. An hour at minimum wage bought 5.48 gallons Good wages in
a factory were about $4. skilled or management was about $5. Wages are
maybe 6X that time, if that is true, gas should be $1.50. Minimum wage
today buys 3 gallons.