Putting “politics” aside, I am surprised by George Wills’ observation that $3.07 for a gallon of gas in 2007 is less than it was on an inflation adjusted level in 1981. I was even more surprised that our overall dependence on oil is less concentrated today than it was historically. Why does it feel different as the consumer confidence index continues to be battered?
An excerpt from the article Democrats posturing at the gasoline pumps:
Democrats, seething at the injustice of gasoline prices, have sprung to the aid of embattled motorists. So resolute are Democrats about defending the downtrodden, they are undeterred by the fact that motorists, not acting like people trodden upon, are driving more than ever. Gasoline consumption has increased2.14 percent during the past year.
That probably is explained by the inconvenient (to the Democrats’ narrative) truth that Speaker Nancy Pelosi was characteristically overwrought when she said that Democrats intend to do this and that because the price of gasoline recently ” set a record” at $3.07 a gallon. In real (inflation-adjusted) rather than nominal dollars, $3.07 is less than gasoline cost in 1981.
(Read the rest of the article at The Washington Post)