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Pat Riot

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21 hours ago, Sedalia Dave said:

 

Gas Price History

 

Nation wide the average price in 2020 was $2.17. For 2023 it was $3.22. That's an increase of 149%.

 

Here is a chart showing the national average price of gasoline for the last 5 years.

 

 

 

 

$3.22 is NOT an increase of 149% over $2.17  - it's 67%.  To double check.  A 100% increase would be double or $4.34.  Let's do math together.  :)

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4 minutes ago, Joe LaFives #5481 said:

$3.22 is NOT an increase of 149% over $2.17  - it's 67%.  To double check.  A 100% increase would be double or $4.34.  Let's do math together.  :)

 

How about "An increase to 149% of thebase pricevof $2.17"?

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1 hour ago, Subdeacon Joe said:

 

How about "An increase to 149% of thebase pricevof $2.17"?

No it's a 67% increase over the base price.   It increased by $1.05 , that increase is not 149%. 

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2 hours ago, Subdeacon Joe said:

 

 

2.17 x 1.49 = 3.23

but $2.17 is not the increase.  $3.23 would be 149% increase for a total of $5.40.  The increase is $1.05 and that is not 149% of $2.17

Edited by Joe LaFives #5481
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23 hours ago, Joe LaFives #5481 said:

$3.22 is NOT an increase of 149% over $2.17  - it's 67%.  To double check.  A 100% increase would be double or $4.34.  Let's do math together.  :)

 

22 hours ago, Subdeacon Joe said:

 

How about "An increase to 149% of thebase pricevof $2.17"?

 

This is why I love math. You can easily manipulate the numbers to your advantage. 

 

 

 

 

Edited by Sedalia Dave
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How to calculate inflation:

 

https://www.rocketmoney.com/learn/personal-finance/how-to-calculate-inflation-rate

 

  1. Subtract an item’s original cost from its present cost.
  2. Divide the result by the original cost.
  3. Multiply by 100.

So:

 

((3.23-2.17)/2.17)*100=(1.06/2.17)*100=0.488*100=48.8%

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1.49 is the same effectively the same as 48.8%. I applied the given significant figure (3 vs 2) and expressed it as a percent. So 48.8% is 1.488 times the original price.

 

Even then, we are actually not at an inflation rate as we think of it. We think of inflation annually. So if something doubles in price over 6 months, and doubles again in another 6 months...

 

Well, neat data at:

 

https://ycharts.com/indicators/us_gas_price

 

ScreenShot2024-03-07at6_31_47PM.thumb.png.c3bc0f925f79fef0aff7b4a270e29034.png

 

Pick your dates and calculate your rate.

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