Are we in gas war in the year 2020? In 1961, I was not yet old enough to drive, but I remember the gas wars. I was old enough to understand the seriousness of the word "war," but was not clear how a gas war was fought. The movies of the times were popular WWII war stories, so how does a "gar war" work?
That became more clear as my family car (in those days a two car famliy and a two car garage were rare) was driven to the Shell station a few blocks away to get topped off.every other day I learned the gas war was a big thing.
This morning, a headline news item blares:
How does the Kentucky price today compare to the 1961 price of 20 Cents?
We turn to our reverse calculator for that answer and we find:
So, in Kentucky, buying gas at 99 cents today would have sold for 11 cents in 1961. Nearly half of the low gas war price of 99 cents! Okay, okay ... 99 cents is a bit unusual. My last purchace was two days prior to the writting of this blog at $1.89. Admittingly, a good price even for Florida. But, I had to ask myself how that compares to my parents Florida price in 1961?
If the price should drop to the above calculated price of $1.73, we will be able to purchase petro at a lower price than the low price of 20 cents in 1961.
In 1956 my parents bought their first home. It was a small 3 bedroom 1 bath (I get during those times that a one car garage made sense, but a one bathroom home??). This was the house that was a few blocks from the Shell station. Using the same calculator to detemine the gas prices over time, we took the scenerio of their home value in 1956 home and what should it sell for today:
So You Could Say Real Estate Pays
If my parents still owned that home of nearly 70 years ago, they would be thrilled to see their $10K was now worth nearly $100K. But wait! Checking recent sales, that house sold two years ago for just over $250K!
Time after time, test after test, real estate is a winner. It is unshakable over time. If one does not own a house, there is money being lost. But, no worries, all is not lost. Just go down and fill your gas tank because you will be getting at a price from 1961 at quite a savings.