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By New_Deal_democrat March 4, 2014 1:45 pm
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An important milepost in the loosening of the Oil choke collar
First of all, I'd like to than Prof. Krugman for confirming a point I've been making for the last year.  He says:

short-run fluctuations in the inflation rate are more or less entirely about gasoline prices, which affect headline and even, to some extent, core inflation via their impact on costs.

Beyond that, as I've been saying for a very long time, historically high gas prices since 2010 have acted like a governor on the US economy, preventing it from ever achieving "escape velocity."  In that regard, as of this week we are hitting an important milepost on the journey of the loosening of that choke collar.  Gas prices are now cheaper than they were one year ago:
Cheaper than they were 2 years ago:
And now they are also cheaper than they were 3 years ago:
(all graphs from http://www.gasbuddy..com)
 
This is one of the few real tailwinds helping the US consumer, and economy, right now.
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