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top 200 commentsshow 500

[–]phorkor 206 points207 points ago

Odd part was, 10 years later gas was still around .99 a gallon. I remember high school in '94 I could fill my car up for under 10 bucks.

[–]Kuplex 70 points71 points ago

Yep. Even back in 2000 or so it hovered around a dollar a gallon or less. Was nice filling up my tank for about $12. Hell, it wasn't even bad (compared to now, obviously) at ~$1.20 when I started my current job in 2004. Then Katrina hit and afterwards we suddenly got into the whole "any mention of storms, or economic politics and gas jumps by the 10's of cents in an instance, but will go back down at the rate of $.02 a week.." thing.

[–]snorlaxsnooz 135 points136 points ago

A big cause was the deregulation of the commodity markets in the Commodity Futures Modernization Act of 2000. Instead of oil companies and refiners bargaining on the price of oil, hedge funds and speculators got involved, driving the prices well beyond the point of supply-and-demand. Wikipedia

[–]iamadogforreal 46 points47 points ago

driving the prices well beyond the point of supply-and-demand.

The funny thing about economics if that there's no absolute price for anything. Its all a social exchange. So one could easily argue that CFMA brought prices to their rational market value because they were artificially held back by regulation before.

The price of gas is this political wedge issue full of conspiracy theories and its a little annoying to hear everyone spout about it. At the end of the day its a resource that is limited, running out, hard to get to, and on the lands of the worst governments on earth. None of that spells "cheap."

The progressive futurist in me is glad Joe fuckin Public is paying market value for his oil addiction. More incentive for less polluting cars and alternative renewables. Socializing or deeply regulating oil is a typical caveman response to a problem "Just do something temporary and push this problem to people in the future!!!!!!!!"

One of the nice things about efficient capitalism is that it can, in good circumstances, show us what things are worth and their total cost. I'd argue that gas is still too cheap. We need taxes to offset all the pollution and the issues it causes (lung cancer, global warming, smog, oil spills, etc). Its shocking how people just want to burn as much of this stuff as possible and not think about total cost of the circumstances and blame conspiracy theories on why its "expensive."

[–]BubbleBobble-007 18 points19 points ago*

None of that spells "cheap".

Oil companies have had exponential surges in profit since the mid 2000's, when the world consumption since then is linear and slow rising.

.

http://www.indexmundi.com/energy.aspx

It doesn't take a rocket scientist to understand, regardless of what you believe, that oil companies have raised the price of oil simply to make more profit. There are many factors that influence the price of oil, but this is one thing that is certain.

Just a FYI: oil has always been seen as "scarce". It's called proven reserves.

...

Edit: there is a possibility that my 0.2 seconds of research put into this post are insufficient to validate my opinions.

[–]FivePoppedCollarCool 39 points40 points ago*

No you're wrong.

The price of oil is based on the marginal producer. The marginal producer means whoever had excess capacity to pump more oil when needed. It used to be Saudi Arabia by a longshot. However, since the demand from Brazil, China, India, etc. has risen, it has slowly cut into this excess capacity and made it all but meaningless. Now, the marginal producers are the higher cost extraction fields, e.g., shales, north sea, deep under the ocean, etc.

Yes, oil has always been scarce, just like everything else. It's the essence of Economics. However, the demand has never been as high and as close to the production of oil.

Regardless of what you believe, oil companies cannot raise the price of oil just like that. Even though Exxon, Shell, BP, etc. are huge, they pale in comparison to state run oil companies. Each of these companies are miniscule when you look at the size of the entire oil market. Your "one certain thing" is bullshit.

Edit: From your own links: Supply of oil in 2012 is: 90.2 mb/d. Demand for oil in 2012 is: 89.9 mb/d. It's simple supply and demand. But you know, conspiracy theories get more upvotes so I understand.

[–]BubbleBobble-007 26 points27 points ago

Don't you sass me with that razzamataz.

[–]figureeight 13 points14 points ago

This is the best way to say "I stand corrected".

[–]FivePoppedCollarCool 6 points7 points ago

haha, very sorry for the sass. I'll talk to the razzamataz and make sure it doesn't do it again.

[–]amstandupguy 1 point2 points ago

some people can't afford hybrid or electric cars. Some people are still stuck with their 2002 Chevy impala. We would like to move away from gas but can't, and we should be punished by it?

[–]iamadogforreal 2 points3 points ago

Some people are still stuck with their 2002 Chevy impala....and we should be punished by it?

You mean "punished" by not taxing me to death to subsidize your shitty car and poor life decisions? Then YES.

You're merely paying the market cost of oil. Can't fill that 11mpg POS's gas tank? Deal with it. I also pay it. Plan your life better, sell it for a shit econobox, and accept that you screwed up. Or heaven forbid these people drive less and ride public trans or whatever.

Again, there is no alternative. This is a international oil market with tons of buyers and producers. No one is dictating price from a smokey room. Even OPEC get its ass handed to it by other producer nations. Turns out that the demand for oil is high. China Brazil etc need more. Supply is steady and will never rise again. Supply vs Demand. No conspiracy here.

Markets are 'punishing' you all the time. Try buying a nice engagement ring or a bar of gold. Quite punishing!

[–]sdonaldsonjr 9 points10 points ago

BLASPHEMY! Bill Clinton would never sign such a law! ---

You are completely correct! With the technology and internet boom that was taking place in the 90's other companies were beginning to struggle. Because the internet was new and its operations were not regulated by the Federal gov't, huge amounts of money were being moved around by investors. Companies like big oil and steel manufacturing were losing major investors to these booming new corporations. Something needed to be done to entice investors to spread out their investments.

Deregulation of housing, insurance, and banking industries (among others) led to a lack of economic stability towards the end of the Clinton administration. Bush came in to a bit of an economic mess on his hands, further deregulating almost all industries to compensate and develop an even playing field for investors. The economy began to pick up strongly over the summer of 2001, until September when the economy tanked due to the 9/11 attacks.

Further deregulation took place and the economy began to grow, until the unforeseen occurred with the government funded housing and loan companies began to fail and investor's with their "Safe investments" began losing faith in the banking industry and began investing their funds into commodities like oil and precious metals. Causing the prices of both to skyrocket. Then in late 2008 and early 2009 when Pres. Obama was taking office, investors (generally conservative businessmen) yanked their money from the stock market entirely, drove costs down to a minimum. Gasoline became $1.299 a gallon. Then regulation of industries started up and prolonged the "recession" rather than letting these companies fail and rebuild the industry with economic Darwinism and evolve to more financially stable industries. High regulations on the banking and financial industries caused the oil bubble to grow again. Due to huge debate and slower governmental action taking place in congress these days, the economy is actually getting a chance to try and grow without interference.

this part of the post can belong in r/atheism, but I don't understand why many people are pro-evolution but anti-capitalist. Capitalism is the epitome of evolution, survival of the fittest, and as the weaker/inefficient companies demise, the more efficient and more cost effective and cost savings companies will emerge. As big and inefficient companies fail, little companies would get the chance to succeed. Due to government regulation and control, propping up these companies deemed too big to fail will ultimately slow societal progress.

tl;dr: Redditor goes on historical rant on the cause of gas prices, leaves out significant details, and will most likely be downvoted to hell.

[–]buuda 3 points4 points ago

You reference regulation many times without describing even one of them that was enacted or repealed to support your argument. Furthermore, regulation can promote 'economic Darwinism' as it promotes competition by policing the markets. Corruption flourished without rules and referees. Adam Smith spent over 100 pages talking about the importance of banking regulations.

The economic cycles have almost nothing to do with regulation and are clearly not correlated with regulation. The 1929 crash was preceded by total laissez-faire economics (and prolonged by it) whereas the recovery coincided with the enactment of a wide range of new regulations, including financial and labor rights regulations. The 2000 crash was caused by massive speculation in asset prices, which was in turn due to loose monetary policy. The ensuing recovery was due to 'Quantative Easing' (debt pumping) and a deliberate strategy to keep interest rates low to pump up the real estate market, since that market was little affected by the bubble and could drive a recovery. This sowed the seeds of the next crash.

[–]emm386 2 points3 points ago

I don't understand why many people are pro-evolution but anti-capitalist

Probably because the two have absolutely nothing to do with each other. You might see an evolutionary pattern in a part of Capitalism, but both are completely different games, with different sets of rules.

Evolution is 'merely' a natural process. You can accept it as a fact, or you don't. Capitalism on the other hand is an economic system. It is not the only system, and it certainly isn't the best system. A lot of people think they can do better than capitalism and might want to change or remove it. I'd say that's a part of evolution of human society.

[–]Suicidal_Elmo 6 points7 points ago

Not sure what extent you think "Due to government regulation and control" is a problem, but without any of these controls you'd end up with collusion, monopolies, and a fiasco akin to the financial meltdown. Regulations are necessary to ensure a free market. That's a concept that so many people miss when they go on their pro-capitalism rants.

[–]wooq 8 points9 points ago

I wish more people knew this.

[–]phorkor 1 point2 points ago

It actually started to rise before Katrina. Look at the past 30 year graphs and you'll see around 2003-2004 is when it started to climb to where we are now.

[–]pablozamoras 40 points41 points ago

yup. I remember 1996-97 when i was delivering pizza it was about .89 a gallon. Ah, the good ole days.

[–]crod242 107 points108 points ago

You could buy pizza by the gallon back then?

[–]pablozamoras 67 points68 points ago

ah, the good ole days.

[–]Piratiko 5 points6 points ago

Drinkable pizza?

Someone get on this.

[–]fuelvolts 5 points6 points ago

Cup o' Pizza

[–]omgdiddles 1 point2 points ago

Mother of God.

[–]gruisinger 8 points9 points ago

yup. I don't have a picture of the lowest it got in the 90s, but here is a pic of me, my friend, and my wife, circa 1998.

I posted it a while back.

[–]Murcielago311 5 points6 points ago

QuikTrip is just awesome. I worked there through college. Fun fact: they used to make a beer called Quitin' Time (QT).

[–]PBXbox 2 points3 points ago

I remember paying 68.9 in Missouri one year in the 90's. I could fill up for less than 10 bucks. That wouldn't get the bottom of the tank wet now.

[–]codewench 1 point2 points ago

That link was purple for me.

God damn I'm on this site too much.

[–]j0hn33y 1 point2 points ago

Cheapest gas I ever pumped was $0.739 in 1998 near Atlanta, GA. Filled up for less than $8.

[–]wetmoss23 6 points7 points ago

In high school around 1998 I could put $5 in my Toyota Corolla and drive around for over a week.

[–]AirunV 3 points4 points ago

I put in 23 of the 24 gallons my K-5 Blazer's tank would hold for $17 in 1999.

[–]smika 74 points75 points ago*

Perspective.

Edit: Some background info on this chart.

[–]y2kh8r 32 points33 points ago

This makes me wonder if our currency is losing value at an alarming rate.

[–]Not_A_Slave 16 points17 points ago

It is, devalued around 98% since 1913. What do you think happens when the Federal Reserve engages in Quantitative Easing? They're printing money from nowhere! When we lose our status as the world's reserve currency we're doomed for hyper-inflation.

[–]Dichotomouse 6 points7 points ago

The FED can take money out of the money supply just as easily as it "prints money". If inflation were actually a problem it's within the power of monetary policy to fix.

[–]CorporateImperialism 11 points12 points ago

unfortunately market actors internalize the quantitative easing which is why it has a very limited effect. Thats the side of the story ron paul doesn't tell you. http://en.wikipedia.org/wiki/Liquidity_trap

[–]torokunai 3 points4 points ago

devalued around 98% since 1913

95%, but the bulk of this devaluation came in the post WW-I inflation (where we had a lot of hard money thanks to war exports to Europe but no goods to buy also thanks to war exports), the post WW-II inflation (same, basically), and the 1970s inflation, which was driven by the baby boom entering adulthood and chasing the price level up via the massively increasing household income trend (new two-income households).

Which brings up the fact that the flip side of monetary inflation is goods produced.

The balance between money in circulation and goods available determines the price level. We are fantastically more productive now compared to 1913.

Additionally, "money in circulation" depends on monetary velocity. When the top 20% collect ~70% of the income, and it's even worse when looking at discretionary income -- the bottom 60% of this country only has 3% of the discretionary income.

http://www.marketingcharts.com/direct/64-of-americans-have-discretionary-income-2340/

So basically money is just collecting at the top, unspent, and that's why inflation is relatively low right now in the face of immense money adds by the Fed.

Plus there's the trade deficit ripping $50B/month from our economy. This is also deflationary over the long run.

When we lose our status as the world's reserve currency we're doomed for hyper-inflation.

you really don't know what the fuck you're talking about.

[–]juniper17 16 points17 points ago

In the UK you're looking at the equivalent of about $10 a gallon

[–]aspirin_41 12 points13 points ago

Nice to see at least one other person here knows what inflation is.

[–]roguevalley 4 points5 points ago

tl;dr: Gas is not really that crazy high if you take inflation into account.

[–]ableman 4 points5 points ago

That graph is missing the last 3 years, which have gas going higher than at any other point on this chart. A good deal higher. So, it's not "that bad" meaning it's only double the price of what it was on average in the past, rather than quadruple.

[–]henkrs1 1 point2 points ago

Thank you. No one ever adjusts for inflation when they post things like this and it is crazy irritating.

[–][deleted] 1 point2 points ago

More perspective. (dates say December 1986)

[–]LeviW 35 points36 points ago

It always pisses me off when I drive by a gas station that closed a few years ago but never took down their signs. "$2.55 for gas? Shit yeah! Aww fuck. :-("

[–]ReliableSource 99 points100 points ago

My first thought was "They really haven't changed the 7 Eleven logo in 26 years?"

[–]MrBrawn 141 points142 points ago

Why would they? The same hot dogs have been on the rollers for the past 26 years.

[–]MDKAOD 49 points50 points ago

I have a 7-11 hot dog on my desk right now, AMA.

[–]DustFC 70 points71 points ago

I don't really have a question, I just wanted to let you know I really admire what you do and thank you for this AMA.

[–]Not_a_ninja 1 point2 points ago

Is this really MDKAOD? Or is this just another one of Woody Harrelson's interns?

[–]DustFC 2 points3 points ago

We're getting a little off-topic here. Let's get back to the hot dog, people.

[–]Nautilis 11 points12 points ago

has it become sentient yet?

[–]MDKAOD 10 points11 points ago

I thought I heard something, and when I turned to look, I swear it had changed direction. I must document these developments and continue to monitor it.

I fear this may prove a deadly venture.

[–]Nateh8sYou 6 points7 points ago

SCP 7-11?

[–][deleted] ago

[deleted]

[–]MDKAOD 9 points10 points ago

I... I'm afraid..

[–]ANewAccountCreated 1 point2 points ago

MDKAOD will be conducting the AmA from the bathroom this afternoon. ALL afternoon.

[–]Bignut_Squirrel 23 points24 points ago

My first thought was "Why is this photo in color? They had that back then?"

[–]Christopherzilla 36 points37 points ago

yes, they had color photographs 26 years ago, thanks for making me feel old

[–]Kiristo 39 points40 points ago

I was reading this thinking, that wasn't 26 years ago, I'm only, oh...shit.

[–]Loki-L 8 points9 points ago

You really want to feel old?

Here is a list from Wikipedia of the top movies of 1986 (which was 26 years ago):

  • Top Gun
  • Crocodile Dundee
  • Platoon
  • The Karate Kid Part II
  • Star Trek IV: The Voyage Home
  • Back to School
  • Aliens
  • The Golden Child
  • Ruthless People
  • Ferris Bueller's Day Off

[–]Stikine 10 points11 points ago

That was a good year for movies.

[–]DiscoUnderpants 5 points6 points ago

Months ago someone posted a very nice photo of Neil Armstrong after his first walk on the moon. It was a really nice, really high def photo that looked really nice. One of the first comments was "Wow... I didnt know that had such high megapixel cameras back then."

[–]jrhoffa 14 points15 points ago

Was it nice?

[–]911wasaninsiderimjob 14 points15 points ago

My first thought reading your comment was, "Wow, this guy is pretty dumb."

[–]chthonical 2 points3 points ago

They have it right. You don't change something if what you have works.

[–]RedditorFor5Minutes 115 points116 points ago

insert complaint about European petrol prices

[–]auntie_eggma 77 points78 points ago

insert smugness about widespread public transport

[–]souldonkey 46 points47 points ago

insert penis into vagina...woops. Wrong thread...

[–]keke_kekobe 349 points350 points ago

Gas was only about $.99 - $1.05 in 1998. It didn't really go up all that crazy till Katrina and then they just realized that people would keep paying for it no matter how much they charged.

Seems like what they do is wait for something to happen in the news, raise the prices by about $2.00, make people go crazy then lower it $1 and everyone is like "Thank GOD gas is so cheap again" but in actuality it is $1 more expensive.

[–]dylanfarnum 82 points83 points ago

I started driving in '02. I think my first fill up was $1.20 a gallon.

[–]SuperiorRobot 28 points29 points ago

The very first time I put gas in my car it was 99 cents. The one and only time at less that $1 per gallon.

[–]terrapinbound 14 points15 points ago

summer 99, filled up my 79 impala for under 20 dollars. Now it costs me 50+ to fill a car with 14 gallon tank, as compared to the impalas 20. My earning power has increased significantly since 99 though. still 50+ dollars a week is BS

[–]bettse 1 point2 points ago

I don't know why, but I tried to read this to the tune of "Summer of '69"...didn't work so well.

[–]TedLogan 4 points5 points ago

I got my first real 79 impala

bought it off of a classified

was the summer of ninety-nine.

Me and me alone

filled it up for 20 bucks.

I didn't quit, drove it for a decade

Should have known, I'd drive it far

(then to finish)

Oh when I look back now

That summer seemed to last forever

And if I had the choice

Yeah, I'd always want to be there

Those were the best days of my life

[–]SweetDaddyDelicious 1 point2 points ago

It's seems really bad when now it's over $20 to fill a motorcycle!

[–]MrDectol 10 points11 points ago

Year 2000, gas at one place was $.75/gal. My dad told me to remember seeing the sign so that I could tell my kids, someday.

[–]mes592 1 point2 points ago

$1.11/gallon when I started driving in '02. Filled up my tank for less than $20. Back in myyyy day gas was cheapa!

[–]tiger637 1 point2 points ago

I believe that was a result of the September 11 attacks. Nobody wanted to fly so fuel prices dropped. Demand went down, supply went up, prices went down.

[–]infinityprime[!] 17 points18 points ago

I remember paying $0.75/ gal in 1999 in Texas.

[–]Namocol 42 points43 points ago

I remember paying $.12/gal in... eeer.. last week.. :)

Hey, there must be at least one advantage of living in Venezuela.. :)

[–]maineguy1988 5 points6 points ago

I'd say that's the only good thing about Venezuela... I can't tell you how many Venezolanos I've met here studying in the states who dread the day they have to go back to Venezuela.

[–]HiFiGyri 6 points7 points ago

I bet you could if you tried.

[–]Maynguene_banana 1 point2 points ago

USD?

[–]AirunV 5 points6 points ago

I paid $0.69/gal in Little Rock, AR around 1999

[–]bitparity 7 points8 points ago

I remember seeing $0.99 gas in 1999 in Seattle. Had to do a double take. I was from California where the gas was already $1.59 or something.

[–]XDeus 36 points37 points ago

It has nothing to do with Katrina and everything to do with China and India finally coming into the 20th century.

[–]loondawg 13 points14 points ago

It has something to do with higher demand worldwide. But that's not something that could be solved as easily as addressing the issue of speculation.

Accounts vary, but reports conclude speculation accounts for between 20% to as much as 60% of the price at the pumps. The general consensus appears to put it at around 40% which means around $1.60 for speculation out of each $4.00 gallon of gas

[–]lawnmowerkitties 57 points58 points ago

As short a time ago as February, the Ministry of Plenty had issued a promise (a 'categorical pledge' were the official words) that there would be no reduction of the chocolate ration during 1984. Actually, as Winston was aware, the chocolate ration was to be reduced from thirty grammes to twenty at the end of the present week. All that was needed was to substitute for the original promise a warning that it would probably be necessary to reduce the ration at some time in April.

1984 George Orwell

[–]cumshot 1 point2 points ago

If I remember correctly the context of this was they were rewriting the official record of what was said in papers and govt documents. Not really what is happening here.

[–]Thegagickle 2 points3 points ago

Early/mid 90's there was a gas station that opened by me with an opening price of 79c a gallon.

[–]tagRPM 5 points6 points ago

I remember when prices went over $3 a gallon. The gas station near my house ran out of #3 placards to put up on the price display and ended using some cardboard with a 3 scrawled into it by a 4 year old. Even the gas station didn't see it coming. That's when I began driving alot less and my family started to carpool everywhere together.

[–]acepiloto 8 points9 points ago

I didn't know alots liked to be driven around in cars.

[–]stufff 2 points3 points ago

They do and the alot population has been pretty sad about the fact that everyone is driving alot less.

[–]wolfehr 1 point2 points ago

When I started driving I could fill up my tank from empty for ~$15.

[–]disco_biscuit 1 point2 points ago

You're half right. It's more that gas has become something you can invest in, speculate on, buy futures in, etc.

This makes it far more volatile to perceived or potential shortages / surpluses.

Many would argue this is what happened with the current recession - it was primarily a housing / mortgage-based issue, but the rampant speculation in real estate and securitization of mortgages caused the boom & bust (i.e. like gas, it's something you can now invest in - and profit from buying/selling at optimal times - i.e. rapid profits can be achieved though correctly timing and investing in the peaks and valleys, more movement causes more & larger fluctuations), AND caused the fallout to cascade through seemingly unrelated market sectors.

[–]stoopidquestions 1 point2 points ago

Katrina, in 2005? It went from about $1/gal to $2/gal before that, which may not seem like a huge spike now, but at the time that's double the price. It was well on it's way upward before that; I'm more curious about the huge drop we had in 2008.

[–]pav413 15 points16 points ago

Since I am still driving a car from 1987, I only think it's fair to pay those prices.

[–]fixthe_fernback 12 points13 points ago

~$1.55/gal for regular in today's dollars

[–]Ruudieboy 8 points9 points ago

current price in the Netherlands is around 1.65 euro for a liter to convert that to $/gal it would be: 1.65€/L * 3,785L/gal = 6.25€/gal 6.25€/gal = 8.24$/gal

[–]allnamesiwantareused 1 point2 points ago

Here in the south of the netherlands it's about 1.82 euro for a liter. That would make $9.09 per gallon.

[–]Smoere 1 point2 points ago

30min ago we´ve reached a price lvl from 1,71€/l in my hometown (regular). so 2 Weeks bevor Easter Holiday we got 8.51$/gal. - i´ll bet it would raise around 50cent till easter..........

[–]stesch 3 points4 points ago

I paid €1.67/l last week. 110 km daily.

[–]Oderable 4 points5 points ago

It reached 2€/L in Paris. That is $10 per gallon.

[–]gbgftw 25 points26 points ago*

Yesterday i filled the tank of my Clio. 100$ for just over 40 liters (10.5 gallons). It's getting ridiculous in Sweden.

[–]Dstanding 10 points11 points ago

The fuck. If I lived in Sweden I'd just push my car everywhere.

[–]gbgftw 3 points4 points ago

Alternative Swedish means of transportation:

[–]pppihus 1 point2 points ago

Snowmobile probably consumes more fuel than Clio.

[–][deleted] ago

[deleted]

[–]davie18 4 points5 points ago

Yeah it costs around $100 to fill up my pathetic 1 litre saxo in the UK. The car is probably only worth $250-300 lol.

[–]AMostOriginalUserNam 5 points6 points ago

I'm just amazed that you can pay with US dollars.

[–]clebekki 1 point2 points ago

No kidding, same here east of you. 1,7 euros/liter where I live (~8,5 USD / gallon).

[–]BB64 6 points7 points ago

I can remeber a pack of smokes, a pop and a full tank of gas all for $10 bucks

[–]typ901 43 points44 points ago

It's all Obama's fault that gas ever went over a dollar a gallon in the early 90s.

[–]neimie 11 points12 points ago

I can beat that.

[–]TeaPotCoffee 2 points3 points ago

FREE GAS!

[–]ukiyoe 2 points3 points ago

Nice try, Chevron!

[–]iowa116 1 point2 points ago

Seems legit.

[–]fastrthnu 5 points6 points ago

Anyone else bothered that the 8 is upside down.

[–]Don_Kedyck 19 points20 points ago

Dat Gas!

[–]hokieflea 4 points5 points ago

Adjusting for inflation its about 1.55/gal for regular in today's dollars- which i would still kill for

[–]hboo 5 points6 points ago

I'd be ecstatic even if that price was per litre. Knowing its per gallon just makes me depressed. Its about $1.50/L in Sydney.

[–][deleted] 2 points3 points ago

Wonder why someone would take that picture? Because they were pissed off that it was almost a dollar.

[–]lachlanhunt 4 points5 points ago

I'm just confused about the way the price was presented there, using a decimal point and a fraction. WTF? Presumably .799/10 means $0.799, or 79.9¢

[–]Dew25 7 points8 points ago

I've seen it this low 15 years after this

[–]StumpHarvey 4 points5 points ago

The year I was born. Good year. I remember, as a kid, being fascinated by the analog numbers turning over almost mirroring each other because the price per gallon was close to a dollar. I remember not understanding what the numbers meant but being fascinated that they were following each other so closely. As simple of an enjoyment as that was, I miss it. Alas, those days are gone.

[–]oldsillybear 5 points6 points ago

I remember as a kid the first time gas went over one dollar a gallon and the pumps couldn't show the full price, so they switched for a while to selling it by the half gallon.

We also had the fun of odd/even days to buy gas based on your license plate. If you had a commercial vehicle you were exempt so there was a temporary boom in those magnetic signs you stick on your door that would say something like "Carl's Lawn Service" with a phone number, all so you didn't have to plan ahead and buy gas the day before you ran low.

[–]jimstr[!] 3 points4 points ago

you're goddamn right I'm living in the fucking past

[–]Kruse 9 points10 points ago

I blame 9/11. Everything went to shit after that.

[–]WholeWideWorld 12 points13 points ago

Using The Times (UK) inflation calculator which uses past UK inflation data, (I know I know this is US but still)

.79p *now would have been worth *£1.88 in 1986.

Since 1986, the general price level has risen by 138%

[–]Sc4Freak 3 points4 points ago

Other way around. .79p in 1986 would be worth £1.88 today, unless you've suffered staggering deflation in the past 25 years.

[–]DIGGYRULES 15 points16 points ago

I live about 2 hours away from Orlando, Florida. This past weekend I was telling my children how, before they were born...way back in the late 90s...their dad, step brother and I used to hop in the car and drive all the way to Orlando just for lunch sometimes. Back when gas cost 99 cents/gallon.

Now...making a second trip to the book store because I forgot my coupon is out of the question.

[–]madhatterx 6 points7 points ago

It's sad because on my lunch break I would love to just go out and drive around in the nice weather but then I think about how much gas costs and I sit at work instead :(

[–]Dstanding 6 points7 points ago

Motorcycle FTW. Even more fun, plus I get 60MPG.

[–]LOVERBUNS 3 points4 points ago

i used to drive for hours on end to nowhere for no reason...those were the days

[–]thunnus 2 points3 points ago

back when we actually considered buying the high octane.

[–]ATLiensinyosockdraw 2 points3 points ago

The lowest price I've ever paid was .69/gal sometime in 1997-1998 in Georgia. It didn't last long at that price, but it was still well under $1 regardless.

[–]rockhardmeatloaf 2 points3 points ago*

I am spending about $425 a month on gas. Another $250-300 on tolls (New Jersey raised tolls by 50% this year, another 50% on that again next year, i believe). I have had about $3000 worth of repairs on my car since last September, and my check engine light is on right now. Auto coverage is liability only and about $60 a month.

That comes out to about (3000/7 + 425 + 275 + 60 = ) 1190 a month on my fucking car, if I don't include depreciation.

Everything is really expensive.

[–]HalexGSd 2 points3 points ago

With the way gas prices are now I'm glad I sold my car and started cycling to work. Managed to get rid of some extra "fuel" I've got around the mid-section too :)

[–]zelazny 2 points3 points ago

The point is they still sold leaded gasoline?

[–]SleepyEel 2 points3 points ago

OBAMA'S FAULT

[–]KW160 7 points8 points ago

I assume "regular" means "leaded" in this picture. Sounds laughable.

[–]waytoolongusername 2 points3 points ago

It's frightening how little it's gone up despite the ever-rising cost to our planet.

[–]shewearsbeads 6 points7 points ago

I'm Canadian, I remember gas being .50 to .60 a litre in the 90s. I honestly have no idea if that compares to this sign or not because fuck gallons.

[–]blade2000 1 point2 points ago

I remember those days well. 1986 was my senior year in high school and this is what I used to pay gassing up once a week. Actually closer to 74 cents a gallon for my sweet 1980 Datsun 280ZX.

[–]DiabloConQueso 1 point2 points ago

In Texas, you could have taken that picture in 1996.

[–]Modus_Pwninz 1 point2 points ago

Shit, when I started driving 10 years ago, gas was closer to this price than the price it is now. By FAR.

[–]Faceplants 1 point2 points ago

That's amazing. It's also worth noting how slow it rose. I started driving in 1997, and gas was 95 cents a gallon. 20 cents in ten years! Today it can rise 20 cents in a week!

[–]Underskoer 1 point2 points ago

That's nothing. Unleaded petrol costs $9 per gallon here. ;)

[–]Captain_Reseda 1 point2 points ago

I remember swearing that "I'm going to stop driving if gas ever gets up to a dollar a gallon!"

Still driving...

[–]-JS- 1 point2 points ago

Throw some 3's on that shit!

[–]ThumbsUpGunsUp 1 point2 points ago

LOL they forgot to put the 4 in front of the decimal!!!

[–]TankRizzo 1 point2 points ago

Hey guys, I have a great idea, let's add CORN to gasoline!!!

[–]simmmons 1 point2 points ago

Today a liter costs around 1.44 Euros in Austria, that is approximately 7.20 USD a gallon. Last time I was in Texas it was around 3.60 and in California 4.00 USD, that is still a pretty hefty difference.

[–]livetoride 1 point2 points ago

That just as easily could have been 2000

[–]Pincushion 1 point2 points ago

What cost $0.79 in 1986 would cost $1.64 in 2012.

http://www.bls.gov/data/inflation_calculator.htm

[–][deleted] 1 point2 points ago

I just died.

[–]robywar 1 point2 points ago

That could have been the mid 90's as well. That's about what I paid for gas in high school. Cheapest I ever saw was $.79 in 1994. This was in Augusta GA, which admittedly had some of the lowest prices in the nation.

[–]Lord_Migit 1 point2 points ago

Don't forget the rate of inflation is about 110% since 1986, so take that into account.

[–]Sometimes_Logical 1 point2 points ago

And I bet people were complaining that gas prices were already too high.

[–]Gangreless 1 point2 points ago

Dear god, they didn't have a space for more than 99 cents

[–]LetsPlayDotA 1 point2 points ago

You still have it incredibly cheap compared to us, Quadruple that price and welcome to Sweden.

[–]Snorglefractions 1 point2 points ago

Haha several of the numbers are missing from that sign, the wind must have...

Oh. :(

[–]w2a3t4 1 point2 points ago

people who could drive when this was a reality: do you drive less now that it's more expensive?

[–]dynty 1 point2 points ago

In Europe,gas cost 2 times that much....and in Eastern Europe,monthly sallary is like 1k $ / month.

Downvoted comments about infrastructure and other crap is really laughable bulls**t,as we can do exatly the same without the car,as you do..

If you want to move to 20km distant city by a train,you will walk 30mins to the station,wait 20 mins for train to arrive,travell by train for 30 mins then walk for 30 mins from the station to your destination. Or ride a car for 30mins.

But iam not like " i pay a a lot so you should too" :) Its your culture to have strong cars and cheap gas,i accept it. But just imagine it if you get 1/2 of money from work and pay 3times more for gas...and that is how we roll in europe

It is still doable

[–]royalewihcheese 1 point2 points ago

That's always the most shocking scene in Die Hard . . . Al walking out of the 7-11 with Twinkies, pan across the gas prices sign to Nakatomi Plaza.

[–]Neverdie2012 1 point2 points ago

ITS OBAMA'S FAULT

;sarcasm;

[–]Matt08642 1 point2 points ago

I remember in the mid to late 90s, my dad would always complain when gas got to like 70c/liter (Canada), then it was 80c/liter, then 90 and 100. Now we shit ourselves with excitement when it drops below $1.20/liter :(

[–]Lillipout 1 point2 points ago

I blame Reagan for those high gas prices. Damn you, Ronnie!

[–][deleted] ago

[deleted]

[–]To_A_T 1 point2 points ago

Ruining the environment isn't as cheap today.

[–]JoelQuest 1 point2 points ago

All I know is, it's definitely not Obama's fault. It's everyone else

[–]rattiger 1 point2 points ago

I was watching 'die hard' Saturday and I saw similar prices. Being European I didn't understand, I was wondering of they were price per liter...my friend told me the sad truth.

[–]kielrene 1 point2 points ago

Highly amusing to see US americans complain about their gas prices. They are so much lower than they are around here (Germany). You won't get a gallon for under $6 here.

[–]wildberrypoptarts 1 point2 points ago

That is crazy. in 26 years 7/11 has not changed their logo

[–]ProfessorCrumbleton 1 point2 points ago

Yes. We get it. America finally pays close to what the rest of the world pays for gasoline. SHUT UP.

[–]Roninspoon 1 point2 points ago

Lots of people are going to comment about how amazing/tragic/whatever it is that gas has increased in cost so much since this picture was taken.

Consider this though, someone probably didn't take this picture because they took pictures of gas station marquees as a hobby. Someone took this picture because the price had changed significantly enough for them to think it was worth dropping off a roll of film at the pharmacy.

[–]ChrisF79 1 point2 points ago

[–]brnitschke 1 point2 points ago

What is actually funny here, is not that gas prices have sky-rocketed, but that the USD has dropped like a bad habit. In 1986, the USD was crashing from an all time high of 150 (it's 79 right now). So you're dollars were worth a hell of a lot more back then. Source

[–]ocarina_21 1 point2 points ago

This was not especially shocking until the comments reminded me that this was in gallons. Also that they sold fuel that wasn't unleaded.

[–]Pillowsnack 1 point2 points ago

I live in one of the top oil exporting countries in the world. I pay $10/gallon.

Please invade us and stop the madness.

[–]FireJunkie 1 point2 points ago

Here in Israel, 1 liter of gas costs 2.3$.

Gallon is about 4 liters. It costs me about 10$ per gallon. Stop complaining. Get real.

[–]Thexorretor 1 point2 points ago

Gas is high because demand is fairly inelastic. People don't reduce demand (enough) when the price goes up. They don't drive less. Heat their house less. Consume less, etc. At some point, it will become more elastic as Americans run out of money and significantly reduce their demand. Remember a few years ago when Geo Metros became hot things.

China, Indian and others emerging economies aren't going away. They will continue to be at the global bidding war for oil and the price won't go down.

I don't think this is bad because the benefits of fuel conservation world are much betters than a world where you can cruise in a SUV all day long. Think more trains, small diesel cars, more urban concentration.

  • Smaller houses that require less heat, but are better constructed.

  • Smaller cars and more ride sharing, but this will make more public transportation options open which can be a welcome change from long distance driving.

  • Continued move from suburban to urban. This will increase the concentration of cultural resources in cities and make them better.

  • People will drive less, but this means less car accidents and congestion.

  • When gas prices rise too much, this will trigger a much stronger push for substitution fuels.

[–]steuf 1 point2 points ago

Wow, gas is really inexpensive in the US. In europe (The Netherlands) it's about €1,80 per quarter gallon (liter).

[–]Nateh8sYou 1 point2 points ago

great, now I'm depressed

[–]HapDrastic 1 point2 points ago

Great Scott!

[–]Mykep 1 point2 points ago

I masturbated to this.

[–]zerus 1 point2 points ago*

Gas Prices for Regular now are $3.846, a difference of $3.14 from 1986. That makes current prices 4.813 times more expensive: Source

The present value of $100 from 1986 is about $200 as shown by measuringworth.com:Picture

That means if you were to have invested $100 in 1986 into gas, assuming no depreciation, then you would have $481.30 today. $281.30 more than inflation. Or, 2.41x the return on your investment (ROI).

If you invested what an average 4-year college tuition costs today ($28,500x4 = $114,000) in gas with the same expected returns then in 26 years (2038) you will have present value of $273,600 (not sure on the future value, but expect having that much money with the same cost of goods). Source

Not bad.

[–]Darc_vexiS 1 point2 points ago

Not to mention the octane level was higher back then too.

[–]beirch 1 point2 points ago

Oh, boohoo. In Norway a gallon of petrol is over $10 in most gas stations. We might get lucky on sundays and it'll go down to $9. If I drive carefully, I might be able to stretch my 17 gallon tank for 1 and a half weeks, but I have to spend a ridicilous $170 filling it up again.

I'd wish we had american petrol prices.

[–]speedbrown 1 point2 points ago

Gas was $.89 a gallon in 02', true story.

[–]Jonny_Osbock 1 point2 points ago

1 gallon gas now 8,98 Dollar in Germany right now... A bit more in some other european countries. Your gas is much too cheap!

[–]SoMuchForSubtlety 1 point2 points ago

I sympathize with the feelings everyone is having here, but try to remember that the US still has some of the cheapest gas in the world. I moved down from Canada back in 1991 and was thrilled to be filling my little econobox with $1.14/gallon gas. I was paying at least twice as much at home. Today the difference between Canadian and American gas is more like 4 or 5 times. Don't even ask what they're paying in Europe...

[–]pcmd85 1 point2 points ago

Anyone here with the ability to send me back to 1986? I would like cheaper gas and maybe some stock in Microsoft & Apple too.. Then we can also start a Command-line version of reddit?

[–]random314 1 point2 points ago

$20 bill, you get change back.

[–]BubbaWoop 1 point2 points ago

And now, we're paying £1.50 ($2.37) per litre of unleaded. Thank God I take the bus

[–]CDBSB 1 point2 points ago

I'm glad we don't see those "Regular" listings anymore, since the other name for that grade was "Leaded", which means exactly what you think it does. We may still drive too much, but at least our cars aren't emitting lead anymore.

[–]sidepart 1 point2 points ago

Remember taking a good old American road trip? Fuck that. Too expensive to drive, too expensive to fly. What little time off I get is spent at home now =/.

[–]Gates9 1 point2 points ago

yeah but I bet a "laser disc" player was like $2,000.