“If gasoline is $2.00 per gallon instead of $3.25, you have more money left over after you fill your tank.”
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That’s the price of a gallon of gas at a given time, not the cost of living.
Well, “cost of living” is typically defined as what a typical consumer spends on food, fuel, housing, clothing, etc. Mike Mliken’s point was the prices of some of those are down.