The Price of Gas

[JJ]

 

 

[Free libertarian]

  Without going the sky is falling route, I have been affected by the recent upward price adjustment.
I looked at an old Honda 350 put put bike yesterday. Once I got past the dork factor and turned my testosterone meter down a notch (had too many manly bikes in the past) I almost bought it, still mulling it over now.  Looking at the chart tells me a truck that gets 14 mpg won't get driven as much this summer.
 
Anyone have any predictions on where gas will be priced on July 4th this summer?

[Russell Kanning]

$4

I found these cool charts the other day:


http://www.wtrg.com/prices.htm

[J’raxis 270145]

Back when we were using 90% silver dimes, gas was about 30¢ per gallon. The silver content of those three dimes is worth about $3.60 now.

[John Edward Mercier]

These types of correlations are a fallacy hyped by metal speculators. Gold at one time was an ounce to twenty barrels, then an ounce to ten barrels, and now an ounce is about seven barrels... predicted to go to five.
Even right now... crude is at an all time high... silver isn't.

[dalebert]

But I've heard other economists say that the cost of gas hasn't even kept up with inflation which seems to say the same thing and they didn't even bring up metals. They're just talking about inflation in general. Of course, that was before the most recent and sudden price hikes. In general, it appears to be true though. Metal fluctuates for other reasons than inflation and deflation just like anything else, but inflation is a huge factor.

[coffeeseven]

  Without going the sky is falling route, I have been affected by the recent upward price adjustment.
I looked at an old Honda 350 put put bike yesterday. Once I got past the dork factor and turned my testosterone meter down a notch (had too many manly bikes in the past) I almost bought it, still mulling it over now.  Looking at the chart tells me a truck that gets 14 mpg won't get driven as much this summer.

Old bikes are back in style. 

Don't hate on the Honda 350. Not too many bikes that require less wrench in a lifetime. I've had them all too and mark the 350 up there with the best as far as reliability. Now an old 48cc Puch moped might take some scrotular readjustment. 

[KBCraig]

But I've heard other economists say that the cost of gas hasn't even kept up with inflation which seems to say the same thing and they didn't even bring up metals.

Depends on who is defining "inflation". The official inflation rate doesn't include groceries or fuel.

[Tom Sawyer]

Yeah, we don't need to eat or drive our cars. 

I don't need some gooberment/government indicator to tell me the money is worthless. $100's spend like $20's used to.

[coffeeseven]

Yeah, we don't need to eat or drive our cars. 

I don't need some gooberment/mafia indicator to tell me the money is worthless. $100's spend like $20's used to.

I went to the store yesterday to buy cooking oil. I ended up coming home without any. The price has quadrupled.

I bought a 15 gallon aluminum pot 4 years ago for 39.99. AI bought the same pot at the same store last week for 79.99. My memory is not that good, I left the price sticker on. 

The dollar is DONE.

[Lloyd Danforth]

When I started to drive minimum wage was 5 gallons of gas

[J’raxis 270145]

I went to the store yesterday to buy cooking oil. I ended up coming home without any. The price has quadrupled.

You might want to stock up before you can't afford it at all.

[John Edward Mercier]

Minimum wage is artificial set... so it doesn't count.
Inflation is the relative cost of something as compared to the underlying medium (US dollar).
As the US$ goes up in value (demand/supply) the cost of other items goes down (deflation) and vice versa.
The concept is dollar-valuation will equally disperse over the entire economic spectrum... but some items are consumptive, while others are not.

Even non-consumptive items can inflate if the percieved value of the item makes it more in demand.

[NJLiberty]

I went to the store yesterday to buy cooking oil. I ended up coming home without any. The price has quadrupled.

We are paying about $3.56 per gallon of gasoline here, for regular anyway.

As far as cooking oil goes, you can also render the fat pretty easily from the meats you buy and use that. It saves on having to buy oil, and does pretty much the same job, unless you want to deep fry something.

George

[Lloyd Danforth]

Minimum wage is artificial set...

I know, but that is all I can remember. I don't know what the average wage was or what it bought. I know that for a few years around that time, Gas, cigarettes, white bread and a quart of mile were all close to 30 cents