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Friday, January 14, 2022

Gasoline Price vs Personal Income

Here is the average US gas price vs personal income per capita, since 1990. Neither is adjusted for inflation, and both are set to a scale of 100 on 8/20/1990, when the gasoline data begins.

The personal income data is annual, so it ends in 2020.

So, at least for the average person, gas prices surged ahead under the oilman Bush, but income is now outpacing the price of gas over the last 30 years.

Even if you started working in 2010, you're still ahead, assuming you're getting the average increase in personal income.

But it never seems that way, does it?

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4 comments:

  1. Layzej5:38 PM

    Touche. :)

    ReplyDelete
  2. Thomas2:03 AM

    Given how income has mainly increased for the wealthy for whom the price of gas has always been insignificant, I don't think average income is a good measure. Median income or even for the 10% with lowest inccome is problably more relevant.

    ReplyDelete
  3. Layzej10:30 AM

    That is an good point. As a spot check, US teacher salary in 1990 was $32,880

    By the chart above, it should be 3 times higher now, or $98,640. Instead it is a little under twice as much: $61,730.

    Over that period, gas prices have risen almost 3x.

    ReplyDelete
  4. David Appell10:33 AM

    Yes good point, teachers are vastly underappreciated. (So are freelance writers boo hoo.) Back with a new graph in a bit....

    ReplyDelete