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NYT graph of historical price of gas since 1920

15 pointsby charzomover 17 years ago

2 comments

BitGeekover 17 years ago
This graph is in error. Historically the price of gas has been declining over the period shown, if actual inflation figures were used.<p>The NYT uses government provided CPI based inflation- and CPI is based in part on the price of gas, etc... and chronically under-reported... thus trying to represent the price of gas adjusting for "inflation" measured by the price of gas doesn't really work.<p>Real inflation-- which is defined as growth in the money supply- would show that the price of gas has declined strongly over this period-- primarily because of the effects of the "robber barrons" who drove down prices to gain market share, and because productivity has made gas a much safer and easier item to get from oil... though I expect in recent years the prices would be going up because of increased government regulation and asinine "environmental" requirements.
ivankiriginover 17 years ago
The real question is why people complain about the rise in gas prices. Other prices rise and fall. Other goods are ruled by a semi evil few (diamonds, cuckoo clocks, etc.).<p>I think it's because the price is posted. That's all.<p>If the price of milk were posted on every street corner, the braindead megaphone of mainstream media would amplify the concern for milk prices.
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