Yes, just for normal "inflation" which is really deflation of the currency value. Now add in the last few years of "Quantitative Easing" taxation of every dollar in existence and you find that current fuel prices are pretty well on par with what they were back then.
Per (PeteCresswell):
...and the $1.00 minimum wage I earned at a chicken hatchery during high school (1957) was really $8.47/hour in 2014 dollars.
Per Pete C.:
This is where I get lost.
I keep hearing pundits say that the inflation rate has been minimal for the past several years. But everywhere I spend money, the prices have gone up substantially. Taxes, municipal services, insurance, food, equipment.... UPS even published a breakdown of their 7% rate hike a few years ago and only about 2% of it was fuel.
I think the, effectively, somebody is cooking the books inflation-wise. Econ 101 tells me that you can't print trillions of dollars without debasing the currency. Yeah, if you immediately put it in a land fill it won't.... velocity of money and all that.... but this stuff is out there and prices *are* going up a lot.
Maybe it has to be done to save the economy.... but it would be nice if there were some acknowledgement that it's being done to a significant extent on the backs of people on fixed incomes and very low incomes and that those people are "Taking one for the team" instead of just calling them "Takers"....
The damaging effects of Quantitative Easing haven't been counted as inflation. If they were then inflation would have been listed as very high the past few years. The left leaning economists on NPR have said that there is no telling what the effects of this QE will be since they are entirely unprecedented, however the much more limited QE in the Great Depression had negative effects for somewhere around 15 years afterward.
This is the same as the false unemployment rates being bragged about by the current administration. The reality is that the actual unemployment rate is much higher (I've heard 12-13%) since they are excluding all the people who gave up looking for work, and it also doesn't take into account in any way that the new jobs pay a fraction of what the jobs that were lost pay.
It's all smoke and mirrors, just like the claims that the "tiny percentage" of islamist lunatics aren't really a threat to the world. The reality is far different and that "tiny percentage" combined with the majority of muslims who are passive supporters of the islamists are a serious threat to the entire civilized world.
Today I paid $2.73 ($2.84 minus a 4% rebate)
Miles per Gallon: 45 Price per Gallon: $3.00 Cost Per Gasoline Mile: 6.07¢
Miles per KWH: 4 Price per KWH: $0.324 (no joke!) Cost Per Electric Mile: 8.10¢
About a 35% premium to use electricity.
What is even more diconcerting is when the Fed whines because it can't get inflation up to their target levels. I wonder what's wrong with a steady state equilibrium?
On my Toyota you can't even follow the plug wires because there aren't any. Still, I know where they lurk and it's no big deal, just an easily removed shroud and there they are in a neat little line.
I'm a little strange when I'm buying a car. I pop the hood and scout out the oil filter, drain plugs, spark plugs, air filters, and other things I may visit in the future. For that reason, I'm big on straight engines whether they are 4, 6, or 8 cylinders. I will admit the straight 8 in the Chrysler New Yorker I had was a bit of a beast. Easy to work on, but there was a lot of it.
I don't think it has anything to do with BO. With oil shade production techniques improving, the US has been moving towards being oil-indept. All that drilling slowed down when OPEC dropped it's price of oil. Refineries here on the west coast have started canceling contracts and put capital projects on hold until prices come back up. Plus in Calif, winter fuel is cheaper to make than summer, adding to the price drop.
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