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> To catch up with inflation gas could easily go to $2.50 and if to
> the adjusted high prices of the early 80's look for $4.50 for
> about 2 seconds.
Gas first hit $1/gallon in June of 1979. (I was in Europe that
month, and I remember reading the English-language newspapers about
the lines and riots.) At that time the CPI (according to
http://www.stls.frb.org/fred/data/cpi/cpiaucns) was at 72.3. It's
now at 169.7, meaning that the equivalent price today would be $2.35.
The high during 1979 was higher than $1.00 so the equivalent high
today might be $2.50 or even $3.00.
I don't remember what the high prices were during the 80's, nor when,
but I don't think it was anywhere near $2.20 - $2.40, which would be
the equivalent of $4.50 now.
Are we at a "high price" point now? Who knows. Maybe we've only
begun to see the prices climb. But they'd have to just about double
to equal the highs set in 1979.
Gary
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