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PeakOil is You

New monthly world crude oil production record Pt. 2

General discussions of the systemic, societal and civilisational effects of depletion.

Re: New monthly world crude oil production record Pt. 2

Unread postby marmico » Tue 12 Mar 2019, 06:00:53

1998-1999 were the best years ever for gasoline prices relative to hourly wages - $1.14 per gallon at $13.40 hourly wage or 12 gallons per hour worked in 1999.

2018 was okay - $2.72 per gallon at $22.70 hourly wage or 8.3 gallons per hour worked.

Upwardly adjust 20% for 2018 fuel economy increase relative to 1999 and 2018 is the 1999 equivalent of 10 gallons per hour worked.

https://fred.stlouisfed.org/graph/fredgraph.png?g=nfF1
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Re: New monthly world crude oil production record Pt. 2

Unread postby Outcast_Searcher » Tue 12 Mar 2019, 12:27:44

marmico wrote:1998-1999 were the best years ever for gasoline prices relative to hourly wages - $1.14 per gallon at $13.40 hourly wage or 12 gallons per hour worked in 1999.

2018 was okay - $2.72 per gallon at $22.70 hourly wage or 8.3 gallons per hour worked.

Upwardly adjust 20% for 2018 fuel economy increase relative to 1999 and 2018 is the 1999 equivalent of 10 gallons per hour worked.

https://fred.stlouisfed.org/graph/fredgraph.png?g=nfF1

Excellent points.

Now, the next logical step for those "concerned" about fuel affordability:

Drive a 10-ish year old Corolla or Civic -- NOT a late model Monster truck or giant SUV.

Most people don't need the far left to "take care" of them cradle to grave -- they need some common sense and prudence and frugality first (i.e. some self-control and maturity).

I still say public high school education should include mandatory training in things like budgeting and basic investing -- to help prepare people for life. Preferably this would start in grade school or at least middle school. Then people would at least know to THINK and PLAN for affordability as part of their normal living process -- or not have the excuse that they were never taught when they don't.

Do they still have mandatory wood shop for all boys in middle school? The home economics, that all girls had to take made a LOT more sense, even in the early 70's when I was forced to make a book shelf and identify a ball peen hammer.
Given the track record of the perma-doomer blogs, I wouldn't bet a fast crash doomer's money on their predictions.
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