The Price of Gas
There will be a rebroadcast of John Stossel’s Myths, Lies and Nasty Behavior tonight on ABC. The article on ABC lists some of the Myths and this one in particularly needs to be repeated. Most people think gas prices are higher than ever. John explains:
But the reality is that the “record high gas prices” are a myth. The U.S. Department of Energy records show that when you adjust for inflation the price of gas is now lower than it’s been for most of the twentieth century. Prices are lower now than they were 25 years ago. Yes, they price is up from the 1998 all time low of $1.19, but they are a dollar lower than they were in the early 1980s.
When I told this to people at the gas station they didn’t believe me. And why should they? The media keep telling us about the record high prices - they’re just not adjusting for inflation.
Gas is actually a bargain, not that you’ll hear that from most of the media.
This is just one of 10 Myths that Stossel covers. The article is interesting the TV show even more so.
Hat Tip: Out of Control