Saturday, September 12, 2015

In 1970 a Penny Gas Hike Was Big News

Perspective on the economy and how far inflation has come.

News on Cleveland area Sohio raising gas prices a penny a gallon in 1970. (Via WEWS NewsChannel5 Cleveland)


1 comment:

  1. This is an instance where government price ceilings caused long term prices to remain elevated. Government removed the incentive for competitors to come in and increase supplies. Every one understands that price ceilings reduce supply, but it is less known that they actually raise prices longer term.