So, I wanted to find out what gas cost in constant dollars.
When I started driving (and buying my own gas) in 1970, gas was about 25 cents a gallon for regular. We were the largest oil exporter in the WORLD; then.
I looked up the US Social Security Average Monthly Earning inflation adjustment for wages earned in 1970 and that number is 6.737
How to Calculate Average Indexed Monthly Earnings (AIME)
So a dollar earned in 1970 is “worth” about $6.74 in today’s dollars.
I just filled up in NJ and paid 1.759 a gallon for regular.
Adjusted for inflation, that is about 26 cents a gallon.
Lou and Laura with Bella - German Short Hair Pointer
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