No. Considering the market had just crashed while Bush was in office. Prices for gas during Obamas time reflected the run up in the markets. During his first summer, the prices were 'low' or similar to today's prices.
Posted on 07/02/2018 3:14:00 PM PDT by FreedomNotSafety
It is interesting to note that in January 2016 prices for gasoline on an inflation adjusted basis are actually much lower than they were during the depression.
(Excerpt) Read more at inflationdata.com ...
Adjust for inflation, and adjust by removing the taxes. Hidden and visible. How much is the oil company charging?
That gives a better basis for comparison, even allowing for the fact that a higher tax has a tendency to lower the amount that the oil company can expect to make on a gallon.
Make a historical chart that shows the percentage of the price that went to, and goes to taxes. That will be useful.
Its not very nice but its very true. Ever since commodity traders were allowed to sell goods on paper rather than actually possess them first the price of everything goes up as they game the system.
For some reason, Columbia, MO always seemed to have the lowest prices for miles around.
My favorite station of all time was "U Pump Ethyl in Columbia, MO," the first self-service gas station I ever used. That name still cracks me up. Wouldn't go over well in 2018, I'm afraid. #MeToo would have a fit.
For you kiddies, "Ethyl" didn't refer to your girlfriend; it referred to Tetraethyllead (commonly styled tetraethyl lead). It was common to pull into a gas station and say "Fill 'er up with Ethyl" at the time.
TEL is an organolead compound used to boost gasoline octane and allow engine compression to be raised substantially. That was how the big muscle car engines in the 60s made so much power. It also worked as a buffer against microwelds forming between the hot exhaust valves and their seats. Lead was banned from gasoline in the 70s.
When I was in college in 1968, I filled my gas guzzling 1967 Corvette in Arlington, Texas at 12¢ a gallon during frequent gas wars across the area.
The state gov’ts make more money from taxes then the oil companies. In Calif they will be a ballot measure to vote away the big gas tax hike the DEMOCRATS and RINOS passed using taxpayer money to bribe each other.
When driving to,and from,Florida we always gas up in Virginia and South Carolina.New Jersey used to have cheap prices but the Rats wouldn’t tolerate that so they just about doubled their tax overnight.
I never check gas prices.
If I need gas,I get gas.
If I don’t need it,I don’t get it.
.
So If the FED had not jacked up inflation for their gain and we were still making a dollar an hour gas would cost something like a dime a gallon.
No. Considering the market had just crashed while Bush was in office. Prices for gas during Obamas time reflected the run up in the markets. During his first summer, the prices were 'low' or similar to today's prices.
The data is there but I cannot find it all in one chart. Gasoline is cheap. If you consider the gains in fuel economy and the overall increases in income historically it’s never been cheaper to fuel your car.
There is no other way to explain why trucks and SUVs are pushing little cars out of the market.
I remember Family Road Trips just like that; fill up where the gas is CHEAP.
The first time I was ever allowed to drive (other than in Driver’s Ed Class or alone with Dad) was when we were in Indiana, heading for Florida.
I was 15, had my Temps and there was a long, FLAT stretch of highway ahead of us...and Dad wanted to nap. There wasn’t much traffic, it was daylight and it was STRAIGHT. How could I screw that up? ;)
Talk about taking your LIFE into your own hands!
Of course, my 11 year old Sister, ‘drove’ from the back seat the whole time, LOL! Mom was in front with me, in case of any pending disaster.
P.S. We’re all still here!
You were 15??? Geeze...my parents wouldn't let me get my license until I was 18.
The best part of the drive from New England to Florida is when you get past Virginia.No traffic,no tolls and I-95 is as straight and flat as can be.
Re: “Does inflation cause the price of gas to go up, or does the price of gas going up cause the inflation?”
Inflation and deflation are caused by the supply and demand for a specific currency - in this case, the U.S. Dollar.
If the Federal Reserve “prints” too much money, business owners and working people lose confidence in the “value” of the USD, and they start to demand higher prices and higher wages.
An example of printing money...
Since the Great Recession of 2008-2009, the U.S. Treasury has “borrowed” trillions of dollars to stimulate the economy and to cover unfunded government expenses.
In fact, the only thing that has really happened is that the Federal Reserve has “purchased” most of the extra U.S. Treasury debt by making electronic transfers of trillions of dollars of “ghost money” into the U.S. Treasury’s bank account.
The great financial mystery of the last ten years is that inflation has been quite low, even though every Central Bank in the world is printing huge amounts of ghost money.
Is America’s inflation bill about to come due for spending all that “fake” money for the last ten years?
In theory, if the USA economy expands fast enough to absorb all that recently printed money, then inflation should stay low.
But if the theory is wrong, or if growth stays low, then we can add high inflation to the big pile of everything else we have to worry about.
I’ve never been out that way - it’s on my Bucket List! I’ve been to SC and PA and was in Maine for about 10 minutes changing planes to head to Germany.
I’m pretty much an East Coast Virgin, but I’d like to take one of those not-too-far-from-shore cruises along the East Coast. :)
I haven’t even been to New York City - also on the Bucket List for a Broadway Show. One of the CLASSICS, not the cr@p they’re pushing these days. ;)
Soda pop costs more...
The futures market provides some very useful functions such as price discovery and hedging for the physical market so the companies lock in and/or protect against sudden price swings right before delivery of the physical commodity.
Sure, the traders play their games, but modern life in the real economy would be far more difficult without them.
But during the Depression, few people commuted long distances to work or to see family, like today. Most people lived within a few miles of where they grew up.
I am no expert on this subject. My research has indictaed that speculation would be quite subdued if people were require to possess before they can sell. Owners would be hesitatnt to bid up the price for fear they would be stuck with goods they bought at lower prices. Now there is no such restraint. Buying and selling paper seems to me ripe dor massive abuse. And the trading houses make money on every trade.
It’s feasible for me to produce milk in my backyard, gasoline not so much.
The Georgia coast is beautiful and I visit it at least briefly when I'm in the neighborhood.As for NYC...I've been many places and seen many amazing cities but New York is,by far,the most amazing one.I'm close so I get there often but I'd advise you to get there because tomorrow is guaranteed to nobody.Spring and Fall are the best times but a fresh snowfall in Central Park is pretty amazing too.
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