Everywhere, every day on the radio, television, and in the newspapers, all I
hear is how the "Record Price of Oil" is killing America.

Yet, strangely, Americans keep driving *more*. And I don't see anyone
flying less.

How can this be?

Here are some encouraging stats from the current issue of Newsweek:

- Oil, at $66 per barrel, has set a "nominal" record for high price.
However, in real, adjusted-for-inflation dollars, oil would have to top
$86.72 per barrel to beat the price record set in 1981.

- For a gallon of gas to set a record, it would have to cost $3.12 per
gallon, which was set back in 1981.

- Or, for that matter, it would have to cost $2.67 per gallon, which is what
it cost way back in 1935.

- Since the first "Energy Crisis" in the 1970s, our economy has become MUCH
more energy efficient. Total energy consumption per dollar of GDP has been
cut almost in half since 1973.

- Since 1980, the percentage of consumer spending that goes for energy has
*declined* from 9 to 6 percent, despite "record" prices.

- At the current rate of growth, our economy will DOUBLE in size in 18
years. (This is why, BTW, that even after President Bush's tax cuts,
federal revenues are still 17.5& of GDP -- just one percentage point below
the post-World War II norm.)

- Over the last 40 years, increases in productivity have averaged 2.1% per
year. Since 2001, it's averaged 3.9%.

- Even though rising productivity means that the economy can grow without
adding jobs, we have added over 4 million new jobs since July 2003.

So why is everything doom and gloom in the media? Why are none of these
facts brought to the fore? Is it a not-so-hidden agenda? An ax to grind?
Or is it that Americans are just not happy unless they've got something to
bitch about?

Personally, having been in the business, I think it's just this simple: Bad
news sells newspapers; good news sucks.

Get out and fly, people! Life is good!

:-)
--
Jay Honeck
Iowa City, IA
Pathfinder N56993
www.AlexisParkInn.com
"Your Aviation Destination"