Friday, August 12, 2005

Gasoline prices lower than inflation adjusted prices from 1980?

Allies of the Bush administration are proclaiming from the top of their voices that "Adjusted for inflation gas prices are no higher than in 1980."

Yes, I actually checked that out, since the "news" is coming from people who are known to consider honesty a optional value.

Indeed, gasoline is a tiny bit cheaper after the high inflation of the Reagan and Bush 41 years if compared with the year of extreme gas price crisis that we had in 1980.

If you remember Iran had our people hostage, and oil from one of the US largest suppliers at the time was cut off.

So is Bush admitting he has created another gasoline crisis?
Inquiring minds want to know!

See the spike in the chart below (chart ends in 2002 when gas prices were c. $1.88. The end of the chart would be much closer to equaling the high now):

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