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army1987 comments on It's the Same Five Dollars! - Less Wrong
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And why should it be time cost rather than total cost that matters?
Of course the total cost matters. However, the time cost is the point of the post, and including fuel cost in the calculation would be needlessly complex and generally unhelpful.
A 20 minute drive costs $8.33 in time given $25/hour time valuation. Depending on roads, traffic, etc. that might be about 10-12 miles. My car gets 45mpg on average, and gas costs around $3.30. My fuel cost is about $0.73. If gas cost $8/gallon and I drove a 25mpg car, then my fuel cost is $3.84. This variability makes figuring the total cost highly individual to situation, and not entirely relevant to the point of equating time and money.