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Despite recent hyperbole, U.S. heating fuel prices are not high by historical standards.
I wasn’t reading a lot of energy news during the 1973-74 oil crisis, but I can’t remember U.S. heating fuel prices ever receiving this much attention. An ominous Wall Street Journal headline reads, “A Winter of Giant Gas Bills is Coming. Are you Ready?”. Bloomberg warns us about an impending “Propane Market Armageddon”.
But are these prices actually high? Severin’s recent blog post on gasoline points out the importance of adjusting for inflation when making historical comparisons.
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