Saturday, August 13, 2005

Gasoline prices are at historic lows in BUYING POWER terms

When I was teenager in the 1950s, I paid 30 cents/gallon for gas. Today's average $2.41 is nominally eight times higher. Gasoline prices have severely lagged behind the cost of housing over the same period by at least a factor of 3, if not a lot higher in the most desirable urban areas.

Relentless lowgrade chronic inflation is like getting novacaine while getting all your teeth pulled.

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