Sunday, March 22, 2020

Lowest Gas Prices in History?

Saw this and was interested.

...One oil analyst said the United States could see its lowest gas prices in history when adjusted for inflation

As the coronavirus pandemic worsens and an oil-price war between Saudi Arabia and Russia continues, Phil Flynn, senior market analyst at the Price Futures Group, told Fox Business on Friday that America might be in store for some historically low gas prices. 

“We're hearing targets of $1.60, $1.50 a gallon national average,” Flynn said....
Skeptical?  So was I.

So I went to the DOL's inflation calculator and entered "May of 1967" with a price of $0.19.

DAMN!!  That's $1.48 in today's prices!!  (And yes, you could buy regular gas for $0.19 then, although you had to travel to Oconomowoc to get it.  Sorry, folks--that station's now a BP and has no charm at all.)

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