Knowledge Problem

Gas Price Relative to Median Income Has Fallen

Lynne Kiesling

OK, here’s the data to show that relative to median household income, gasoline prices have fallen:

Data used to create figure:

GINORMOUS ASSUMPTION MADE: The above graph assumes that the quantity of gasoline consumed per household has been constant over the past 25 years. This is a heroic assumption, but the BLS website was not sufficiently user-friendly to enable me to find data on household spending on gasoline in a useful form, and I desperately want to go downstairs and make that Manhattan!