Just a reminder for those that don't recall the late seventies/early eighties.
The problem today is that when reporters talk about records for oil and gas prices, they aren't adjusting for inflation. Oil and gas may cost more dollars than they did 25 years ago, but those dollars aren't as valuable and those prices don't take as big a bite out of people's incomes. Measured in constant 2005 dollars, oil hit $90 a barrel in 1981 and gasoline rose to over $3 per gallon.Go here to read the whole article.
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