Everywhere you go and whom ever you listen to you can hear the comment, "Gas is so high", "It has never been this high." Yes these statements are true. Yes gasoline is high and no the prices have never been as high as they are right now, but we as Americans have never been making as much money as we do. Take for instance minimum wage. The minimum wage rate in the 1980's was around $2.00; therefore paying a $1.27 for gas was very expensive. That $1.24 for the gas was almost an entire hours pay, today's minimum wage rate is $5.15 an hour which allows you to pay more for gas. The chart below will show this idea a little better.
Motor Gasoline Retail Prices Average.
Year Nominal Price per Gallon Price per Gallon in June 2000 Dollars.
1975 $0.635 $1.995.
1979 $1.274 $2.931.
1980 $1.274 $2.529.
1985 $1.236 $1.959.
1989 $1.033 $1.430.
1990 $1.168 $1.538.
1995 $1.125 $1.282.
2000 $1.378 $1.409.
2003 $1.498 $1.498.
Source: Bureau of Labor Statistics, US Department of Labor.
As one cane see from the chart above the rate at which gasoline has been climbing isn't that drastic. The price of gas has rose for numerous reasons, which have to do with everything from events in Iraq or the Nigerian oil production that was knocked off by political turmoil. Although the price of gas has gone up it has been at a slower rate than most essential items of all life. Examples of this include how apples have increased in price by 133.4% since 1980. Other examples include Tomatoes at a rate of 176.9%, Electricity with a rate of 64.9%, Housing at a rate of 106.9%, New Vehicles at a rate of 61.9% but of all the items n the list the one that came in with the lowest price increase with a rate 29.5% since 1980. (Senate Fiscal Agency) As everyone can easily see that gasoline price have not rosin as abruptly as people would like to believe but the fact the prices are higher that all the other prices is the reason for the argument. .
The reason that gasoline is such a hot topic is because I America alone we consume 5.
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