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An interesting look at gasoline prices

From Captain Capitalism comes this chart of gas prices. With everyone pissing and moaning about high prices these days, it isn't quite what you would expect:

An Astute Adjustment
Dr. Mark Perry over at U of Michigan Flint has made an interesting adjustment to put the price of gas into perspective.

Not only did he adjust for the percent of our income we spend on fuel, but also incorporated increases in mileage/efficiency.

There are a couple of quibbles -- SUVs and trucks are not included but Dr. Perry points out the fact that adjusted for inflation, gas is about 50% of what it was at the worst of the 1980's In 1980, the average efficiency of a passenger car was 16MPG. Today, 22MPG is common if not low. Something to keep in mind as the gas pump starts climbing over $70 for the weekly fill-up. Posted by DaveH at July 5, 2008 11:22 AM