Professor Mark J. Perry's Blog for Economics and Finance
According to GasBuddy.com, the national average price for gas is now $3.05, which is below the previous (to 2008) inflation-adjusted peak price of $3.51 established in March 1981 (historic EIA data here for real gas prices).
Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
6 Comments:
Dr. Mark J. Perry is a amazing !!!! I guess we should all be happy that the "real" gas price are the lowest since 1981.
I guess average Joes like myself were wrong when we thought gas prices "really" were lower a couple of years ago.
Dr. Mark J. Perry keeps showing us how we are "really" better of right now then ever before, he is a genius.
I wonder if someone can loan me $3.00 dollars so I can buy a gallon of the "real" cheap gas we have right now, I was just laid off at the GM palnt which used to build those "real" gas saving SUVs.
sucks for you man
survival of the fittest
Push that chart back twenty more years and I'd be willing to bet it's not such a pretty picture.
Dear anon 10:04 PM,
I have never heard so much f___g whining as I have on this blog. Yours is a primary example. I for one am much better off than I was 4 or even 8 years ago. The reason, you ask? I didn't sit on my fat ass and content myself with making a wage. I used my GI Bill, got an education, worked my hind end off and continued to grow my income potential.
I am not in the top 1%...not even in the top 5%. But I guess with the way things are going, when I do get there, the nanny state will be happy to take a larger chunk of my earnings and give it directly to you. So continue to sit on your ass and whine, baby, because your time is going to come.
http://quotes.ino.com/chart/?s=NYBOT_DX&v=dmax
You had better get on you hands a knees and pray that credit market stays locked up because if old Bucky starts falling once it does this may be the cheapest gas for a long time. Of course one also has to consider the mal-investments that grew out of this credit bubble in that industry as well if prices stay this low it will simply not be profitable to produce it and that will lead to shortages. This illusion is temporary.
Isn't it mis-leading to talk about falling below a prior PEAK as a sign that gas is cheap? We're just talking about coming back from a recent high to an old high - nothing in there that remotely suggests prices are low.
The chart shows exactly that, for anyone that cares to look.
The headline, while surely attention grabbing, is staggeringly deceptive.
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