Quote:
Originally Posted by redpoint5
Yes, it is adjusted for inflation, and given in 2015 real (adjusted for inflation) dollars.
Old-timers talk about cheap fuel, such as a quarter for a gallon, but I started driving when it was the cheapest ever (in the US) in 1998. Gasoline was $0.99 per gallon. I'd fill a motorcycle, pay $5, and get change back. I'd fill the VW bug, pay with $10, and get change back. I'd fill the v8 Dodge van, pay $20, and get change back.
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If I remember correctly,the price of fuel is not part of the 'market basket' consumer price index calculation,so the price of fuel doesn't really reflect the 'cost' to say,a minimum-wage employee, whom may have to decide between fueling their car,or feeding their family.
It also does not take into effect,the cost of the US Seventh Fleet,which safeguards foreign petroleum shipments into US refineries and pipelines,or 'war premiums' absorbed by US taxpayers (over 23-dollars/barrel during the Gulf War)