real gas price

Gas Plunges to 22¢(!!) a Gallon in Twin Cities

OK, so I didn’t really pay 22¢ a gallon when I filled up at Costco in St. Louis Park last night. The official, nominal price was $1.359 a gallon. But, what economists call the real price, adjusted for inflation, was 22¢. That’s because $1 today, adjusted for inflation, is the same as 16¢ in 1970....
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