Quote:
Originally Posted by rotorwrench
I hope the oil producers didn't have too many outstanding high priced loans to kick their butt.
I figured with the US Fed tax at 18.4 cents per gallon and the Texas state tax at 20 cents per gallon that the price of gas would be 70.9 cents per gallon to get down close to the price I paid per gallon when I was kid. It averaged around 31.9 cents per gallon back then unless there was a gas war going on. I don't know what the tax was back then so I can't calculate for that but there couldn't have been much. My wife bought some yesterday for $1.109 per gallon so it's not far off.
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I remember the tax at $0.13 around 1950 G.M.