Pain in the Gas

Media Type: Music Topic: Money & Banking

Billy Ray Cyrus

Click here to listen to this song.

In the lyrics above, the artist complains about high gas prices. In 1918, the at-the-pump price of gas was only 25 cents/gallon. Is gas more expensive now than it was in 1918? Use the Consumer Price Index calculator to compare prices. Explain the difference between real and nominal prices and use these terms in your response.

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