Out of Control Policy Blog

Gas prices might be steep

But, compared to the 80s, they're not that steep.

The LA Business Journal (no link) reports on the UCLA Anderson Forecast's latest report:

    Senior economist Christopher Thornberg wrote that, adjusted for inflation, a motorist buying 600 gallons of gasoline a year now spends roughly 6 percent of his or her income on fueling up the car. Back in the 1980s, the same amount of gas would have cost 8 to 9 percent of total income–and that's without today's more fuel-efficient vehicles.

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