Elumia wrote:According to this article, we just passed the inflation ajusted high today. So we have been getting a break since 1980. If I recall that long ago, our economy was in the dumper then too - and we were mired in a controversey with Iran.....
By JOHN WILEN, AP Business Writer
20 minutes ago
NEW YORK - The surging price of oil reached another milestone Monday, jumping to an inflation adjusted record high of $103.95.
The weaker dollar that has propelled oil and other commodities prices higher sent light, sweet crude for April delivery past $103.76 a barrel on the New York Mercantile Exchange. That's the level many analysts consider to be the true record high for oil, after its $38 barrel price from 1980 is translated into 2008 dollars.
if you want to read the rest
http://news.yahoo.com/s/ap/20080303/ap_ ... oil_pricesMark
I remember the last big oil shock -- end of the 70s, start of the 80s. It happened really quickly, and we didn't have 50 mpg car choices back then. We were really caught with our pants down, with basic passenger cars getting 8 to 10 mpg. That's what the 73 Pontiac I was driving got, with its 400 cubic-inch V8.
The Japanese started selling their cars here, that got 20 mpg. They were little, slow tin cans with wheels back then. Now, you can get a quiet, comfortable car with leather seats and a killer sound system that gets 30 mpg or more.
At least now, if one wants to, they can sell their gas-guzzler and buy a gas sipper. We may not want to, but at least we can.
CD