Posted in: Commentary,
by Dustin Coupal on Apr 26, 2011 10:07 AM
Yes, believe it. Currently gas can be bought for less than 25 cents per gallon. In fact, gas prices today are really not at near record highs but actually...near record lows.
You may all think that I have gone mad, but let me show what I am talking about. When we look back at historical gas prices, they hit an all time low of around 17 cents per gallon during the depression in 1931.
During the period of 1920-1970 gasoline typically cost around 30 cents per gallon. It was not until 1971 when President Nixon took the US dollar off the gold standard that gas prices began rising. Today if you had a quarter that was minted prior to 1965, when money was still made with silver, that quarter is worth more than $8.00 in today's dollars- more than enough to buy 2 gallons of gas with that single 25 cent piece. Gasoline is getting more expensive but the real story is that our dollars are losing purchasing power and we need more of them to buy the same gallon of gas that our parents and grandparents bought decades ago.
Dig out those old quarters everyone...each one will buy at least 2 gallons of gasoline today. Even an old dime will nearly buy an entire gallon.