Oil prices are HALF the price as in 1979, accordingly to Bloomberg News

[happyslug]

Article in the Pittsburgh Post Gazette, but from Bloomberg News

http://www.post-gazette.com/pg/12070/1215776-84.stm

The cost of a barrel of crude in the United States, adjusted for total disposable income , was $107.92 in January of this year, compared with a peak of $213.44 in the same month in 1981, according to data compiled by Bloomberg and the Energy and Commerce Departments. Oil consumption was 4.8 percent of income in 2010, compared with 9.7 percent in 1981, the data showed.

It uses "total disposable income", not Total Income, nor total income per capita, or per worker. i.e. it is NOT only ignoring the cost of Food, Clothing, medical care and Housing (All excluded from the definition of "disposable income&quot but ignores that disposable income for all but the top .1% of the population has DROPPED. i.e. the top .1% has seen a huge increase in disposable income, i.e. money NOT spent on Food, Clothing, medical care and Housing.

This is a Classic example of "Figures don't lie, but Liars figure".

[virgogal]

1. Where does 1979 come into this?

[happyslug]

2. I should have used 1981 instead of 1979, a minor mistake by me.

n/t

[virgogal]

3. Very minor mistake---I assumed it was me missing something.