THE "G" WEBLOG @N54 by R.W. "Dick" Gaines: Gunny G: You can shock the sh!t troops But Ya Cannot sh!t the shock troops!

Gunny G: You can shock the sh!t troops But Ya Cannot sh!t the shock troops!

A big surprise on gas (fuel is more affordable than it was during the early '60s)
LA Times ^ | 11 August 2008 | By Indur M. Goklany and Jerry Taylor

Posted on Monday, August 11, 2008 10:17:45 AM by shrinkermd

After studying the average yearly price of gasoline from 1949 to 2007, and assigning the number "1" to the ratio in 1960, we found today's prices comparable to what they were in 1960 (1.35 today to 1.00 in 1960, with a high of 3.32 in 1998). The higher the gasoline affordability index figure, the lower the price of gasoline relative to disposable income.

Anger about rising fuel prices has taken a while to build because, until the last year or so, the increases could be shrugged off as natural year-to-year price variation. Moreover, pump prices still seemed relatively cheap given increases in personal wealth. Personal disposable income since 2000, for instance, has increased by an average of about $4,800 a person. Those very real increases in economic well-being reduced the pain of higher prices at the pump. People didn't notice that real gas prices were higher because the percentage of their income going to the gas station was at an all-time low until recently.

...But perception is not reality where gas prices are concerned. By June of this year, disposable income had risen by an average of $1,627 per person over last year's figures, according to the Department of Commerce, while the average person's real expenditures on gasoline increased by about $490. Our incomes are still outpacing gasoline price increases. The problem is that our incomes aren't outpacing the increase in gas prices lumped together with increases in everything else -- air conditioning, food, etc. Our homes, meanwhile, are losing value.

But gasoline is more affordable than it was during the early 1960s, an era fondly remembered by many as halcyon days of cheap fuel and gas-guzzling American cars. We're overlooking that context because it's easier to remember 1998, when we saw the lowest inflation-adjusted gasoline prices in recorded history.

(Excerpt) Read more at latimes.com ...

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http://www.freerepublic.com/focus/news/2059906/posts?page=10

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