Robert Naiman wrote:
>
> Doug suggested yesterday that speculation accounted for a third of the
> price of oil. The Washington Post yesterday suggested a similar
> figure.
>
> An article in the business section of the Washington Post yesterday
> suggested that a third of the price was the "political premium."
Is the price of oil actually high? Gasoline prices certainly are not high. When I was 7 gasoline was 6 gals. a dollar. But my mother's annual pay as a rural elementary school teacher was $600. I think for many in 1937 gas at 16 cents a gal. was more expensive than gas at $3 a gal. is now.
Carrol