David Govett "$12 a barrel in the 1970s may seem quaint to you, but adjusted for inflation, it’s not very different from the current price."I call BS.I was around and buying gas (among other things) in 1973 and can say from experience the cost to income ratio is widely different.12 1973 US dollars had the purchasing power in 2007 of $56 US, yet the current price of a bbl is approx $115.You can play with an inflation adjuster here It's quite an eye opener. Abusive comment hidden. (Show it anyway.)
"$12 a barrel in the 1970s may seem quaint to you, but adjusted for inflation, it’s not very different from the current price."
I call BS.
I was around and buying gas (among other things) in 1973 and can say from experience the cost to income ratio is widely different.
12 1973 US dollars had the purchasing power in 2007 of $56 US, yet the current price of a bbl is approx $115.
You can play with an inflation adjuster here
It's quite an eye opener.