I have done a couple of presentations on gas prices the last couple of days, and here's the fact that sticks out for me. In 1981 the average American production worker needed to work 11.4 minutes to earn enough to buy one gallon of gas. Seeing the sign for $3.299 gas yesterday morning I thought, well, it's got to be higher now right? Nope, almost exactly the same number. And cars use almost 20% less gas to travel 1000 miles as they did then. Even though there are now SUVs as opposed to then.

Phil Miller observes on the declining cost of entertainment as well.