In July of 2008, the average U.S. price of regular gasoline was .062. As usual, global hysteria followed. And as usual, I was unperturbed. So unperturbed, in fact, that I made the following bet with Tyler Cowen and David Balan:I will bet 0, even odds, that the U.S. price of gas (including taxes) in the first week of January, 2018 will be .00 or less in 2008 dollars.A subsequent clarification specified that the bet was on the price of regular gasoline.Today, the January CPI arrived, allowing us to finally resolve this ten-year bet. In 2008, the US CPI stood at 215.3. In the third quarter of 2017, it hit 244.7. Since then, there has been further inflation of 0.3%, bringing us to 245.3, for a
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