Average U.S. retail gasoline prices crossed $3 a gallon for the first time since November on Monday as the conflict in the Middle East worsened, setting up a key test of public approval of President Donald Trump’s decision to attack Iran, analysts said.
Tehran’s retaliation in response to U.S. and Israeli strikes has disrupted global oil supply, as it hit production facilities in neighboring countries and ships in the Strait of Hormuz, a key global trade route. Oil prices have surged, with Brent crude rising more than 5% to nearly $77 per barrel, and fuel prices moving up in tandem with the feedstock costs.
gas has been incredibly cheap and I think this is one thing that has kept us going over the last year. 8 bucks a gallon would be where it would be to be close to where we were post 9/11.
In what location? In the US, directly after 9/11, has was pegged at .99/gallon because Bush made some kind of deal with oil execs. But they did raise it eventually. Not to 8/gallon though. Unless you’re speaking of Europe?
no it went over 4 which would be well in excess of 8 nowadays
Close, but not quite. Still impressive that a mere 25 years almost halves your money’s value though.
If you had $10,000 cash in your mattress you would have less than $6000 now.
Always try to remind people similar things. Had my first job in highschool during the 2006/7 inflation. Making 8.25/hr when gas was 4.25+ after cash discount.
When it was around $4/gallon recently I told people to just fuck right off, since I was making at least 3x what I was 18/20 years ago. Still a bit ass since “18/20 years ago” makes me a mid-age adult now. Got them bigger bills. At least gas prices have slowed down.
that being said gas is easier to reduce usage of than electricity or natural gas or rent, mortgage, food, etc. Bike communiting exploded when gas went over 4 in my area and that was a summer and the real crazy part is it kept up pretty good that winter.
Yeah part of it is I treat the official as being short on inflation as from my experience the things that matter to the everyday folks. like is heavy on cars, electronics, and appliances and such and lighter on food and energy and housing and such. I think 8 is low and in my area it went over 4.
Are you thinking of Katrina? Granted, I wasn’t old enough to drive when 9/11 happened, but I don’t recall gas prices spiking. But they sure as hell did after Katrina.
Not like on the date of 9/11 but in the aftermath actions years later. Im talking basically about the aughts but I can’t recall waht year it went over 4 and it was over for awhile.
Gas prices hit $5 a gallon after the Iraq War.