Gas Prices Really have Not Changed

[baraff]

In 1972 I was 18 years old. Gas in Chicagoland was running about .32/gallon, at a "good" station like Standard or Amoco, Shell, etc. Off brands were selling at .29 or less.
According to the Consumer Price Index inflation calculator, .32 in January 1972 was equal to $2.05 in February 2021. So, not too far off, depending where one lives.


https://www.bls.gov/data/inflation_calculator.htm



Right now in Chicagoland, gas is running $2.89-$2.99 gallon depending on which 'burb you're in. Chicago itself is another story; all bets are off there.

We've paid as much as $4.00/gallon on long trips to Arizona: still cheaper than flying, hotels, car rental, and meals for two. No one likes high gas prices, but we all know the price of gasoline is very volatile. Anyone owning an RV should know that and budget accordingly.

[ArtJoyce]

We pay 57 cents a gallon tax on gas. To compare the price of gas I think you should subtract taxes.

[F4Gary]

Was listening to Ed Wallace this morning on the radio. He is a bit liberal, but he does know a lot about the oil industry.
He thinks a lot of the reason right now is due to the pandemic and oil refiners shutting down because of the big freeze we had in Texas.
He said we are operating at about 60% capacity nationwide right now.
He feels as we come out of this pandemic and as refineries gain back capacity that the price will stabilize or go down a bit.
We shall see...

[Kid Gloves]

Originally Posted by ArtJoyce

We pay 57 cents a gallon tax on gas. To compare the price of gas I think you should subtract taxes.

There’s been a Federal gas tax since 1932. It was 1 cent at that time. In the 1960’s it was 4 cents. That 4 cents in 1965 would be 33 cents today. It’s been just over 18 cents since 1993. So the Fed tax is a relative bargain to what it was in 1965.

State taxes vary wildly.

Now, go fill up and drive somewhere nice.

[rjwilliams]

Originally Posted by UFO Pilot

Not if you live in California! Regular (and diesel) are now at $3.99 locally and probably higher in other areas.

Gasoline in California in January of 2008 was $3.29 per gallon. Based on the inflation rate that $3.29 would be $5.05. Looks like your $3.99 is still a bargain.

[amosnandy]

Originally Posted by Ted Lambert

In 1965 I was driving an old Dodge pickup with a 10 gal tank.
My wages were $1 an hour.
I would work 2 hrs and fill my gas tank.
Before I retired I would still work 2 hours for wages that would fill my tank.

Now that I'm retired and look at the wages for the most part it takes 2 hours of wages to fill the average gas tank.

Is it just our human nature that we have to complain about Gas Prices?
Hell yes!
What is your experience with gas prices.

Sounds about right. 1972 I had a 63 Buick with a 20 gallon tank. I worked a high school job at $.85 an hour. Friday was pay day and gas war day. $5,00 to fill. Could drive all week and about coast into the gas station. So that’s about 5 hours work. When I retired I was making $65.00 an hour. Just filled with diesel was about $310.00 so about 5 hours work.

[Mr_D]

Somehow prices going up .75 to $1.00 per gallon in less than 3 months is not "really have not changed".

[Ted Lambert]

Originally Posted by amosnandy

Sounds about right. 1972 I had a 63 Buick with a 20 gallon tank. I worked a high school job at $.85 an hour. Friday was pay day and gas war day. $5,00 to fill. Could drive all week and about coast into the gas station. So that’s about 5 hours work. When I retired I was making $65.00 an hour. Just filled with diesel was about $310.00 so about 5 hours work.

Yes I have always looked at 2 hrs pay = one tank of gas.
I have never complained about the price, also I was never been unemployed.
If I was,I might have felt different.
The first tank of gas I bought cost me 2 dollars.
The last tank cost me 70 bucks that was far less than my last wages when I retired 9 years ago.
It is all relevant!

[Dav L]

Originally Posted by Kid Gloves

I just used a similar calculator to see what a 1962 Gibson guitar would cost today. It came in the original case with the original receipt. Of course that calculator uses “official” inflation numbers. If you compare a 1962 dollar in the form of an ounce of silver, which was valued at $1 in 1962, with an ounce of silver today, you’ll get a significantly different result.

I have an early 60s LesPaul Deluxe gold top. Curious on what the original price was...what guitar do you have? what was the price? What did that work out to price today?

[parcany2]

My Opinion only. If the Keystone pipeline was still being built the prices for gas would still be at lower rate. But since Warren Buffet owns the railroad that transport the oil now the price of gas will be going up. Not to be political

[Old-Biscuit]

YEP.....
Highschool gas was 32 cents/gallon and I was making 85 cents/hr
Could Always find enough pocket change in sofa, car seats, dresser drawers to get enough to fill the gas tank

Today...couldn't find enough loose change to buy a candybar let alone fill the fuel tank

[Triangle Drifter]

Originally Posted by AnotherMike

Y'all might find this interesting:

www.usinflationcalculator.com

Mike

I used bar prices then & now. Close. Glad I stopped drinking the way I used to in younger days.

[mebop]

Originally Posted by Ted Lambert

In 1965 I was driving an old Dodge pickup with a 10 gal tank.
My wages were $1 an hour.
I would work 2 hrs and fill my gas tank.
Before I retired I would still work 2 hours for wages that would fill my tank.

Now that I'm retired and look at the wages for the most part it takes 2 hours of wages to fill the average gas tank.

Is it just our human nature that we have to complain about Gas Prices?
Hell yes!
What is your experience with gas prices.

Prior to January 20 I was paying about $2.00 a gallon. Now on March 18 I’m paying about $2.89 and nothing has changed as regards my retirement income level. Of greater concern is the effect higher gas/diesel prices will have on all products shipped.

[NeverGrowUp]

You can thank President Trump for reducing onerous regulations and developing energy independent in the USA. Our current administration has already eliminate those incentives and you have seen energy spike and it will skyrocket. Already above $5 in some areas and worse to come.