4 ms·
Gas was under $1 / gal less than 15 years ago. Now it's over $5 / gal in many parts of the US. How do you see it getting cheaper over time?
by kingnothing 12y ago
Gas was under $1 / gal less than 15 years ago. Now it's over $5 / gal in many parts of the US. How do you see it getting cheaper over time?
- ars 12y ago15 years ago was the lowest price gas has ever been. It fell dramatically to get to that point. If I had talked to you 15 years ago you would comment on how gas keeps getting cheaper. It's corrected a bit since then, but adjusted for inflation and taking the long view it's not very expensive right now. http://inflationdata.com/Inflation/images/charts/Oil/Gasoline_inflation_chart.htm http://inflationdata.com/Inflation/images/charts/Oil/Gasolin...
- dredmorbius 12y agoIt was cheap, but cheaper in real terms from the late 1920s through the end of the 1960s. And very nearly from the 1870s, with a few minor exceptions (1890s, 1910 - 1925). NB: I'm looking at the cost of oil not necessarily of refined gasoline, using BP's reporting. The post-2000 price is unprecedented in the prior century. Note too that the US price was stabilized through production quotas established by the Texas Railroad Commission, in place from 1945 - 1971. They were lifted as US peak oil occurred, and extraction rates could not be increased. This set the stage for the 1973-74 oil embargo (earlier attempts at middle-east oil embargoes had been tried, but were not successful due to excess US extraction capacity). http://www.bp.com/en/global/corporate/about-bp/energy-economics/statistical-review-of-world-energy-2013/review-by-energy-type/oil/oil-prices.html http://www.bp.com/en/global/corporate/about-bp/energy-econom...