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Originally Posted by NaTuReB0Y
I'm paying around $2.89 a gallon.....haven't seen anything over $3.00 yet.
But according to Wall Street analysis....today's gas price hike is nothing compare to 1980. Adjusted to today's inflation.....you would be paying $3.09 for premium and a barrel of crude oil was $90 in 1980.
And today...crude oil is selling for $63.75(down $2.33) a barrel.
p.s. one barrel of crude oil makes 42 gallons of gasoline
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All the talking heads on television and in the papers keep repeating over and over again that today's gas costs are below what they were at their peak as if that means that there is room to go back to the peak without worrying. This conveniently ignores what life was like when the prices hit the top. I remember lineups at the pumps, businessess failing, etc., etc. Maybe the talking heads are so young that they never lived through it themselves or they don't have a memory. Believe me, the times were not good.
An interesting angle that did not occur to me was presented recently in the media. The analysis was that the USA, the world's largest oil consuming country, will not take action to reduce consumption because that would penalize the manufacturers of the vehicles that consume the most gas more than the makers of fuel efficient vehicles., i.e., the domestic operations of US auto makers. I guess things like Hummers, Ford F150's, Dodge Magnums, Lincoln Navigators, etc., etc., keep workers working and electing senators and representatives.