It is if you consider peak pricing. Oil peaked at $98/bbl in the 70's,
if you adjust for inflation, vs ~$72 now. Also you need to adjust for
the fact that consumption was higher then, per capita (The numbers I've
seen indicate that in the US in the 70's, on average gas expenditures
were 16% of income vs 10% today). Fuel-efficient cars (and even SUV's,
which are far better on gas than most early-70's cars) have really
helped in this regard.
-Adam
Gonz wrote:
I've heard that adjusted for inflation, gas is cheaper now than during
the 70's.
Shel Belinkoff wrote:
That's a very short-sighted point of view. Higher fuel prices effect
just
about every aspect of your life, from the cost of basic foods to home
services. Most everything is transported somehow, and the cost of
fuel is
a major factor in the rising cost of goods, as manufacturers and
distributors raise their prices to accommodate the higher fuel costs and
try to maintain their profit.
Shel
[Original Message]
From: David Mann
NZ$1.70 a litre for 91. It seems to go up on a weekly basis now,
but being predominantly pedal-powered I find it difficult to care.
