I heard Bob Froelich go down this road earlier today, writes Roger Nusbaum, talking about oil at $70 versus where it would need to be to compare to 25 years ago.
We have been hearing about this point for many months now. I am not fond of this line of thought or, depending on how its used, justification.
I don't want the worst period in our country's history for energy prices to be the benchmark. If the inflation adjusted number is $100, how relieved will you be if it only goes to $92? Does it ease your mind to know if it costs you $52 to fill your SUV now, you only have $13 to go before your 1980 station wagon equivalent?
I find the whole thing to be silly. If a year ago it cost you $32 to fill your car and now it costs you $44, you either have a hardship or you don't regardless of what was going on 25 years ago.
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