BnRidge
Gold Member
According to this logic, where should fuel prices be at the moment?
The high cost of cutting grass
- Thread starter johara1
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Snobdds
Elite Member
More or less.
In the snowy range mountains on the Medicine Bow river. One of those special places still left with very few people.
jyoutz
Super Member
A very nice place. I have a brother-in-law who ranches near the town of Medicine Bow for summer range and Douglas in winter.
Torvy
Super Member
prices should be wherever the market says they should be...there is no should be or shouldn't be in prices...they are, or were, what they are, or were
If you get into a command economy, all bets are off as prices are manipulated by the government. The U.S., like most western countries is a mixed economy...ours tends to lean more toward a market economy...
Where you are headed with your question becomes a false equivalency due to technology. Oil companies have access to considerably more sources of oil today than they did in the 1950s. They can get more out of each barrel and they can do it more cheaply as efficiencies and technology have drastically lowered the cost of production (adjusted for inflation).
If cars and houses had efficiency improvements as well, but they have considerably more features that were not available in the 1950s. The cost of those additional features (among other things) has kept the prices of houses and cars high compared to the cost of gasoline. (basically, there are few, if any, new features in our gasoline that would warrant an increase in price) The same concept is more easily seen with things like computers. The $500 phones, that seemingly everyone has, have more computing power than room-sized computers of the 50s. The price of a room-sized computer with the power of a basic calculator today would be effectively zero as no one would buy it, except, perhaps, as a novelty or antique.
arto98607
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How much was gasoline cost/gallon in 1950 ?
According to online US inflation calculator, .50 cents in 1950 would be equivalent of $5.83 in today's money.
Not saying that's where it should be.
Inflation Calculator | Find US Dollar's Value from 1913-2022
State taxes in fuels are probably whole lot more than oil company profits are (which also get taxed).
jyoutz
Super Member
I remember gasoline being about 50 cents in 1976 when I started drinking.
Torvy
Super Member
I don't think you are supposed to drink it.
jyoutz
Super Member
LOL. I’m going to blame spell check. Obviously meant to say driving.I don't think you are supposed to drink it.
ultrarunner
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Easy to spend over $5...
I had unexpected trip and filled up at a Shell and paid $5.29 for regular with credit.
Some stations are heading to &
$6 for premium with credit card...
Remember when pumps couldn't go higher than 99.9 a gallon so they switched to Liter pricing...
Torvy
Super Member
haha...as long as you don't mix the drinking and driving....I started driving about the same time. I do remember gas as low as about 35 cents when I was a wee lad in California. We took a lot of road trips in our station wagon (later a Travelall)...picture is representative, not our actual truck.LOL. I’m going to blame spell check. Obviously meant to say driving.