Since the oil shocks of the 1970s, when the price of oil went from $1.80 a barrel in January 1970 ($9.80 in today's dollars) to $28.91 in December 1979 ($71.88 in today's dollars), the economy has become much more energy-efficient. Total energy consumption per dollar of gross domestic product has been cut almost in half since 1973.
But in America, every pleasure quickly becomes an entitlement, so Americans regard as a civil-rights outrage the fact that today's relatively low price of a gallon of gasoline—relative to prices in other years—is 67.5 cents higher than last year's very low price. Americans relish the pleasure of self-pity, so only a spoilsport will mention that since 1980 the share of consumer spending that goes for energy has declined from 9 percent to 6 percent.
Kurt Cousin Don Laurel Welcome to an ongoing discourse from the Libertarian End of the Gene Pool
A Jersey raised architect now in Norfolk, Virginia
An "Ivy-League Enginerd" and former Jersey guy now slumming in Taxachusetts
An Okie stitchery retailer now in Norfolk, Virginia
Tuesday, August 23, 2005
George Will points out why we should just stop whining about the cost of gasoline:
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