Ravenwood - 09/12/05 07:00 AM
According to the Lundberg Survey, gas prices are at all time record highs. And the Ass. Press reports that this time, they really mean it.
The weighted average price for all three grades surged more than 38 cents to nearly $3.04 a gallon between Aug. 26 and Sept. 9, said Trilby Lundberg, who publishes the semimonthly Lundberg Survey of 7,000 gas stations around the country...This means that gas prices REALLY ARE at a record high, and all the previous reports of "record breaking" gas prices were just bullshit.Adjusted for inflation, the nation's previous high weighted average for all three grades was $1.38 a gallon in March 1981. That would be $3.03 in current dollars.
Category: Blaming the Media
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Interesting how they FINALLY got around to adjusting for inflation...
The MSM blows.
1963: 1 ounce of Silver = $1.00
2005: 1 ounce of Silver = $7.00
Why is this stuff hard for the MSM to figure out?
Posted by: Kristopher at September 12, 2005 3:55 PMNo, way - gas was over $1.40 at the pump in 1979. That's in actual money at the time. It had already gone down a good bit by 1981.
Looks like they are all full of shit - show me a freakin graph or forget it.
Posted by: Dave Lincoln at September 12, 2005 6:32 PM"1963: 1 ounce of Silver = $1.00"
Assuming troy ounces the number is more like 0.773 ounces = $1.oo. (1 ounce of Silver = $1.29)
Coinage Act of 1792: DOLLARS OR UNITS--each to be of the value of a Spanish milled dollar as the same is now current, and to contain three hundred and seventy-one grains and four sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver.
In as much as the word "dollar" is used twice in the u.S. Constitution and this is the definition of the word at the time it was written, it is _still_ the _legal_ definition of Dollar.
It is unfortunate that we use $ to represent _Dollars_ and also to represent "Federal Reserve Notes". The value of a Dollar has increased quite a bit in the last several decades, while the value of a "Federal Reserve Note" (FRN) has decreased considerably.
In 1963 a gallon of gas was about $0.33 or 1/4 ounce of Silver. At today's $3.04 per gallon that is about 0.4 ounces of Silver; that is a price increase of about 1.7 times. I suspect that if we were still using Silver as specified (indirectly) in the u.S. Constitution that the 1.7 number would be quite a bit lower (maybe even less than 1, i.e., a price decrease).
This is only partly related to the point of the original post and my main point is the the government (and Federal Reserve) fraud that is the de facto monetary system of today makes it very difficult to compare historial _values_ of anything.
Posted by: bob at September 12, 2005 9:10 PMAnd why do we still allow a bunch of eco-freak jackasses stop us from drilling in the ANWR? i mean i can remmeber paying 35 cents a gallon
Posted by: screaming eagle at September 12, 2005 10:35 PM(c) Ravenwood and Associates, 1990 - 2014
