Adjusted for inflation, a dollar of gas takes you five times further than in it did 50 years ago.
By Curt_Anderson August 11, 2022 1:06 pm Category: Fact Check (0.0 from 0 votes)
Rules of the Post
I am basing my calculations and making comparisons with the US in 1973, the year of the Arab Oil Embargo and today's American prices and economic rates.
Now stay with me...In 1973 automobiles averaged 13.4 mpg. Gasoline was $1.60 per gallon. In 2022 automobiles average 25.4 mpg. Gasoline is $4.00 per gallon.
If in 1973 an item purchased for $1.60 then in 2022 that same item would cost $10.68
In 1973, with your $1.60 (which is $10.68 in 2022 dollars) with your gallon of gas you could drive your car 13.4 miles on average.
Today with $10.68 (which buys you 2.67 gallons of gas) you can drive 67.8 miles on average.
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