Peak Oil is You

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Page added on April 30, 2006

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The price of oil, gas & ignorance

“Ignorance is the mother of devotion,” wrote Henry Cole in 1599’s “Disputations at Westminster.” And never have so many been so devoted to ignorance than in the escalating debate over gasoline prices.

Let’s start with the prices themselves. The current per-gallon pump price for regular gasoline and a barrel of crude oil are not “record” prices. If you calculate the prices in inflation-adjusted dollars, both cost more 25 years ago. If you paid for a gallon of gas in March 1981 in 2006 dollars, it would have cost just under $3.11.

Pittsburg Tribune Review

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