Midnight Marauder
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- Feb 28, 2009
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- #81
Thank you for bringing this up, because it's a little known, valid point that dovetails with the price of gasoline expressed as a percentage of the GDP, which we are yet to beat the highest gasoline prices ever when expressed this way, 1981.Actually, it was six years, beginning in 2002. However, the first few years of increases were not a big issue, because we were still well below the inflation adjusted price for gasoline going all the way back to the 50's. The rising gas prices were not a real detriment until we went over $3.00 per gallon and then finally, over $4.00 per gallon.
You have to remember, at one point around 1999, gas was under $1.00 per gallon, which was well below the nominal inflation adjusted price for gasoline. Based on today's dollars, gasoline has normally sold for around $2.25 to $2.50 per gallon.
Inflation adjusted Gasoline Price Chart