CONSUMERS PROTEST RAPID INCREASES IN GASOLINE PRICES
Washington, D.C. (JFK+50) "A general protest has gone up throughout the country because of the rapid increase in the price of gasoline."
That statement might well appear on the editorial pages of newspapers in the United States today, but this one was taken from the Editorial Digest of the Evening Star, Washington, D.C., dated May 29, 1922.
The Star editorial continues...
"Editors declare that there are evidences of collusion among the producers to "milk" the consumers, and are demanding that the congressional and Department of Justice inquiries be pushed to an early conclusion."
Just how much had the price of gasoline increased in 1922?
The Star says that in the state of Michigan gas prices had risen 5 cents a gallon. The editorial argues that this should be a "cause for alarm to the entire motor industry."
Our sources state that the average price of a gallon of gasoline in 1922 was 25 cents*. In 1921, it had been 26 cents. So, it seems, the average price of a gallon of gas had actually decreased by a penny.
Compare that to May 2022. The current average price of gasoline is $4.69 a gallon. One year ago, it was $3.12 a gallon. We would argue that consumers today are much more justified to protest "the rapid increase in the price of gasoline" than they were a century ago.
*The value of 25 cents (1922) adjusted for inflation (2022) is $4.22
SOURCE
"Suggest That Increased Price of Gasoline Is Unwarranted," Editorial Digest, The Evening Star, Washington, D.C., "Newspaper of Evening Star, May 29, 1922, Page 6," www.gastearsivi.com/
