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
The reason that gasoline is such a hot topic is because I America alone we consume 5.8 Billions of gasoline a week. This makes gasoline a product based off of supply and demand. The supply of the gasoline can be effect by many things, some of which I spoke of earlier. Yes the supply of the gasoline has an effect of the price of the gasoline but that is not the reason the price has rose in the past. The reason that gas prices are rising like that are has to do with inflation, increased cost of living. I feel that the cost of gas is high but I understand why. It has to be that high to keep up with increased taxes and such, and we should feel lucky that gas has not rose at the same rate of tomatoes. The reasons behind the increase in gasoline prices are as follows. Crude oil stays higher than expected because it has taken Ir
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