Dubbed as the only way that gas will stay below four dollars a gallon, US papers have picked up on an interesting story that has arisen out of the huge increase in Oil prices over the last few years.
As gas prices rise, some stations with older pumps are encountering an unexpected challenge: They can’t be set to charge more than $3.99 9/10 per gallon.
For example, take the three pumps at Vashon Island’s Engels Repair & Towing — please, said Lou Engels, 68, who has owned the garage for 41 years.
"When I bought these brand-new in 1995, nobody could imagine gas would ever be higher than $3.99 a gallon," he said.
"Now, it would cost thousands of dollars to replace them, and the upgrades for the pumps are back-ordered.
Back-ordered?! Who says recessions aren’t good for (very, very few) businesses? But seriously, this is exacly the kind of real-world problems that occur due to currency inflation. In the abstract it hardly matters what number is assigned to what value, but when it comes to having to use a wheelbarrow to transport your wages home the economists have to take a break from the ivory-tower-thinking.