Gasoline prices are not only setting new records in today's dollars -- but they are edging close to the record in "real dollars" set back in 1981.If you adjust for inflation, the average price for a gallon of gasoline in 1981 would be $2.94 in today's dollars. After an 18-cent jump in prices over the past week -- the average gasoline price in the US was $2.55 a gallon Wednesday.
The price of oil in "real dollars" is nowhere near the record. Back in 1981, oil hit $40 a barrel. Adjust for inflation and that'd be $94 a barrel today. It's only at the mid-60 range. (InflationData.com)
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