Economics > Gas Prices Not at an All Time High
The headline says "US petrol prices at all-time high," but the article says the opposite:
The AAA, a US motoring organisation, says prices now average almost $1.74 a gallon (or about 25 pence a litre). That, the AAA said, was the result of high crude oil soaring to nearly $40 a barrel and tightening stocks in the US.
From 1974 to 1985, the US price of petrol - in 2002 dollars - never dropped below $1.80, and soared as high as $2.69 in 1981, according to the American Petroleum Institute.
Here's a CATO Institute article on the same topic from last year. This Scott Burgess post likewise explains the difference between nominal and real prices.
Posted by lesjones