Loading ...In June 1973 Oil was $24/bbl. (in 1957 it was $33/bbl) So, $24 Oil times only 10 is $240/bbl. (Oil hit $190/bbl in June 2008) In reality most things are times 20. So $24 Oil could be $480/bbl in fed note dollars. The average new cars were $2500 times 20 = $50,000. So $24 should be $480/bbl.
A loaf of bread was .25 cents in ’70. Times 20 = $5/loaf today.
Slice of Pizza .15 X 20 $3.00 today.
$40,000 house in 1970, X 20 $800k today. They have NOT kept up with inflation. Most around me, on highs, are $600k X 15, and many are less like $400k X 10.
https://www.macrotrends.net/1369/crude-oil-price-history-chart
This chart shows the typical manipulated Oil futures prices (like gold) stuck at b$20/bbl until 9/11. After which, they “can’t get away with so many things anymore”.
Postscript Document (mrci.com)
Note wages were a lot higher in 1970 than they are today. High prices were affordable. $2.00/hr back in the day around 1970 was = to 8 loaves per hour @ .25 cents. Today at $15/hr that wage is down to only 3 loaves of bread per hour. Hopefully this will all correct itself after a reset, or as I said long ago, the gov’t will just have to give people money that need it, which has already started but will have to grow.