I think oil's real value has slightly risen while American purchasing power has significantly declined. Viewed as a pure barter system, an American now has to pay more stuff (time, effort, goods, etc.) to buy a gallon of gas. Oil's "true" cost seems irrelevant, at least where it matters most.
This thread has made me think: Why is an American's day spent digging ditches worth more than an African's day spent digging ditches?
Like oil, the ability of someone to purchase a commodity seems arbitrary when viewed at the world-scale. Equality seems to be the slippery soap of human society. Any enlightening articles would be appreciated.
- LostCause