Fwd: [BATN] Bay Area gas at record high; experts cite ethanol

Luis Villa louie@ximian.com
13 Mar 2003 09:36:11 -0500

On Thu, 2003-03-13 at 09:35, Joseph S Barrera III wrote:
> Russell Turpin wrote:
> > Published Wednesday, March 12, 2003, in the Oakland Tribune:
> > 
> >> Nine out of 10 large Bay Area cities are experiencing the highest 
> >> gasoline prices on record, with the average price of regular unleaded 
> >> rising a whopping 28 cents during the past month to $2.14 a gallon
> >> Tuesday, AAA of Northern California said.
> > 
> > Is this REALLY the "highest gasoline prices on record"?
> > Is that measured in 2003 dollars or in 1980 dollars?
> > Or is it measured in contemporary dollars, which is to
> > say, it isn't really the highest gas price on record,
> > but the lowest value of the dollar on record, as
> > measured in gallons of gas?
> I understand your point, but a price is a price, and an
> inflation-adjusted price is a bit of an abstraction.
> Sort of like asking whether the cheese on the counter
> is REALLY the moldiest it's ever been, adjusting for
> how many days it's been on the counter, or if it's JUST
> the moldiest it's been in terms of absolute grams of mold.
> In other words, unlike, say, Peruvian Soles[1], 1980 dollars
> and 2003 dollars are actually the same currency.

Let me be the first to LART you harshly for this. (1) you forgot your
footnote ;) and (2) inflation-adjusted price is only an abstraction if
you've got the creative/cognitive ability of a snail. 

1980: 1 gallon of gas == two cups of coffee, 1/2 movie ticket, 1 hour
minimum wage
2003: 1 gallon of gas == 1/2 cup of coffee, 1/5 movie ticket, 1/2 hour
minimum wage

[I'm sort of pulling these numbers out of my ass, but you get my point.

Luis 'just wanted to say cognitive ability of a snail today' Villa