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Making Sense of the Ups and Downs of Prices

"Back in my day, a gallon of gas cost a quarter!" Has your grandfather ever said something like this to make a point about how expensive things are now? The price of gasoline indeed used to be much lower. In fact, the price of gasoline has risen from a little over $1 per gallon in 1992 to a little over $3.50 per gallon 20 years later.