Even if you don't believe that energy is a smaller part of total consumer spending than it was in prior decades, at least you know that gas is cheaper on a constant dollar basis than it has been in the past.
past, perhaps. but i don't think '95-'00. certainly not true for gasoline, since we didn't have a cumulative 100+% inflation over that period. (well, i'm also thinking calif gas prices here, that might be my flaw. i pay 2.50 now.)
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