Most of this price increase is due to President Biden’s foolish war on fossil fuels. It is now back up to about 2½ work minutes to buy a barrel of oil. But in terms of minutes of work required to buy a barrel of oil (on a commodity exchange) or a gallon of gasoline (minus taxes), oil was much more expensive in the 1920s than it is now.Īs recently as 1995, it took the average worker about three minutes to buy a barrel of oil (on a petroleum exchange), yet only 25 years later, in 2020, the time price was down to only about a minute and a half per barrel. Most people think that the price of oil (and gasoline) has been rising for a long time. But rather than continuing to decline, the price of chicken in required work minutes increased over the last three years. By 2020, that same pound of chicken required only 6.4 minutes of labor for the average worker. In 1995, the average price of a pound of chicken was $1.44, and it took the average worker, who was making $11.43 per hour at the time, 12.6 minutes to pay for a pound of chicken.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |