central NJ reporting...
I paid $3.79/gal this afternoon. It's getting bad, no doubt about it..
NJ has the one of the lowest taxes on gasoline in the nation, so we've always gotten a bit
of a break. Still, I'm sure we'll be seeing prices over $4.00 / gal by summer, and there's been chatter that it could even reach $5.00 by fall. Hard to believe that less than a year ago I was paying $2.32 at the same station, and under $2.00 (for a while anyway) just two short years ago.
When I was in high school and began driving, the average price per gallon in NJ was 29¢ /gal.
As much as prices continued to rise, for years the prices acually remained proportionately lower than the inflation rate, but according to the calculation I just made comparing my 1968 price to today's price per gallon, it sure looks like that
dream is over.
The inflation calculator I used indicated that 29¢ in '68 would be equivalent to spending approximately $2.00 in today's money--which sems about right when comparing prices of other items...like beer
There's no doubt that we got spoiled over the years and took supply and price for granted (which, of course, is the American way).
We got spoiled, and OPEC got 'hip'.