People love to talk about The Good Old Days – when reality TV meant Johnny Carson instead of Kim Kardashian, and a fiver dollar bill could buy you a tank of gas- but how much have things actually changed?
You might be surprised by the spending power one dollar used to have. Compare prices over the last 50 years to find out how inflation has affected the cost of gas.
1962 – Fuel price: $0.31 – In 1962, a pair of Levi’s jeans cost about $5.000
1962 – A McDonald’s hamburger cost $0.15
1967 – Fuel price: $0.33
1970 – A brand new 1970 Corvette cost about $5,200
1972 – In 1972, a ticket to see Oscar Best Picture Winner ‘The Godfather’ cost about $1.70
1977 – Fuel price: $0.65
1980 – In 1980, a loaf of Wonder Bread cost about $0.50
1982 – Fuel Price: $1.30 – In 1979, the Iranian revolution interrupted crude oil production. Low supply drove fuel prices to record highs, resulting in the gas crisis of the early 80s.
1984 – One year of room, board and tuition at a public, four-year university cost about $3,900 in 1984.
1987 – Fuel price: $0.95
1992 – Fuel Price: $1.13
1996 – In 1996, Internet provider AOL charged $19.99 per month for Internet use. Prior to the flat fee model, users paid AOL $3.50 for every hour spent online.
1997 – Fuel Price: $1.23
1998 – In January of 1998, one share of Apple stock (AAPL) was valued at $3.25. It peaked in early 2012 at more than $600.
2002 – Fuel price: $1.36
2007 – Fuel price: $2.80
2008 – In July 2008, the average gas price peaked at a recod $4.09 due to the surging price of crude oil and low refinery capacity. 2008 also saw milk price peak at nearly $4.00 per gallon. The price reflected a spike in the price of corn meal cattle feed, which had doubled since the previous year.
2012 – Fuel price $3.61 The average cost of one year of room board and tuition at a public, four year university in 2012 is more than $15,000. The average evening movie ticket price in 2012 is almost £12.00. If you want to see the latest blockbuster in 3D or IMAX, add about $3.00
With the price of gas on the rise, wouldn’t it be nice to save on your vehicle expenses? Refinancing your auto loan and bundling your home and auto insurance may help offset your monthly fuel bill so you can stay ahead of surging prices.