Thursday, April 24, 2008

Economics 101: Why Is Gas So Expensive?

Are gas prices really all that high? Yes? Here, have a history lesson: "Something that cost $1.00 in 1950 would cost about $8.78 today. As for gas prices, in 1950 the price of gas was approximately 30 cents per gallon. Adjusted for inflation, a gallon of gas today should cost right at $2.64, assuming taxes are the same." (Which they aren't, of course.)

So says this article on the Mises Institute site that contains more common sense and overlooked facts than anything you are likely to have been reading in your newspapers or hearing on your daily newscast -- or reading in the online blogs, for that matter, or you will EVER hear from your Congressperson.

And get an answer to a surprising question: "Why are gas prices not higher than they are?"

Never thought to ask the question that way, did you? Lots of interesting surprises in this short article -- give it a look, upgrade your understand A LOT.

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