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Advisor

cost of gas the same as 1980

http://lewrockwell.com/peters-e/peters-e137.html Find an inflation calculator; for example the federal government’s Bureau of Labor statistics CPI (Consumer Price Index) calculator (click here) . Select 1980 as your starting year. Enter $1.25 – about what a gallon of gas cost in 1980. Select 2011 – the most recent year the calculator allows. Click “calculate” and prepare for a surprise – one that will also provide a heretical insight into the nature of our economy as well as debunk a politically correct piece of conventional wisdom. Wait, I’ll save you the trouble. The amount that comes up is $3.43 – which is what the BLS calculator says is the buying power of $1.25 in 1980 money today.
3 Replies
Senior Contributor

Re: cost of gas the same as 1980

Just a coincident John????

Advisor

Re: cost of gas the same as 1980

  I suppose that's way it's called the "petrol-dollar" 

 I thought that inflation adjuster site was interesting, but when I tried to compare the prices I remember from the early to middle "60's to today it wasn't so close.  http://www.bls.gov/data/inflation_calculator.htm  I believe a pair of 501 Levis cost about $5 when I started earning some of my own money, driving tractor for $.75 to $1 hourly, now they seem to around $68 -$198--.  I'm not to sure but I think I bought some at the local store for around $50 around 2-3 years ago, when I was guessing that money was worth 10% of the 1963 value.  By this comparison the U$ has lost qute a bit of value in the last few years.  

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  When I started driving on the highway about '62 gas was (fuzzy here) $.28-.33 at the non discount stations  that would place the inflation price between 2.07-2.44.  If you paid .45 in 1963 that would come out to $3.33 today.

 

Senior Advisor

Re: cost of gas the same as 1980

Those $198 jeans, those are the ones that look like they had battery acid spilled and paint speckled on them.