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Perspective on gas prices.(Between The Lines)
ITEM: Reuters on May 20 said of the high cost of gasoline: "U.S. retail gasoline prices have topped $2 per gallon. On Wednesday, gasoline futures on the New York Mercantile Exchange traded as high as $1.45 a gallon--a new record--amid supply fears ahead of the U.S. summer driving season ."
BETWEEN THE LINES: If you do not take inflation into account when making historical comparisons, you could probably claim most prices are at a record high. Yet, when this adjustment is made, gasoline prices are at about their historic average.
Adjusted for today's prices, gasoline reached about $2.99 per gallon in March of 1981, according to the Department of Energy. Columnist Stephen Moore notes that the real price of gasoline during the 1920s, excluding taxes, was twice as high as it is now. Indeed, says Moore, "If gas prices were as high today as they were in the late 1970s, we would now be paying about $6 a gallon for gas."
Technology in the meantime has improved fuel efficiency. Former Delaware Governor Pete du Pont has described how the number of miles one can drive on a gallon has jumped from about 13.5 in the early 1970s to 22 in 2000. "So the cost of gasoline per mile driven has fallen nearly in half...."
Nevertheless, even though the price of gasoline is still far ...
- Experts: Soaring gas prices will top $2 per gallon.(Business)
- Newspaper article from: The Boston Herald March 14, 2000 700+ words
...Gulf War, when gas prices hit $1.80 a gallon, said Bruce Cavella...estimate of how high gas prices will rise. Premium...could pass $2 a gallon at pumps in New...about $1.30 a gallon, Cavella said. "These high gas prices are not going...
- GAS PRICES TOPPING $2 A GALLON OPEC WEIGHING CONTINUED PRODUCTION CUTS.(News)
- Newspaper article from: Seattle Post-Intelligencer (Seattle, WA) Mulady, Kathy March 28, 2000 700+ words
...average 20 cents per gallon higher than on the East...have to top $2.50 per gallon before he considers giving...Puget Sound-area gas prices were the highest in the...normally pumps 5,000 gallons of gasoline a day. Last...ready to break $2 a gallon on regular self-serve...
- GAS PRICES DOWN 24 CENTS A GALLON SINCE LAST THANKSGIVING, AAA SAYS
- Press release article from: PR Newswire November 19, 1991 700+ words
GAS PRICES DOWN 24 CENTS A GALLON SINCE LAST THANKSGIVING...Motor Club reports gas prices are about 24 cents a gallon less in both states...and $1.065 per gallon in South Carolina. "It's nice to have gas prices this Thanksgiving...
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- Press release article from: Business Wire May 9, 2006 700+ words
...by the $3.00 per gallon, the average full...note, at $3.00 per gallon, the average Fed is...worse off than when gas prices stood at $2.00 a gallon in February 2005...conserve 49.6 million gallons of fuel per month...
- According to AAA Chicago, Gas Prices Drop an Average of 16 Cents a Gallon.
- Press release article from: PR Newswire December 12, 2002 700+ words
...gauge report, gas prices throughout Illinois...plummeted 16 cents a gallon in the last...1.38 per gallon, which is 17 cents below gas prices this time last...1.264 per gallon, 15 cents lower...last month. "Gas prices were kept at...
- Gas prices soar near $2.30/gallon record levels in Sacramento, Calif.
- Newspaper article from: Knight Ridder/Tribune Business News October 12, 2004 700+ words
...average $2.26 a gallon Monday. That compares...spokesman Sean Comey. "Gas prices have been going...said. "If the gas prices increase, the ice...regular was $1.96 a gallon, up 12 cents from...sapping $2.31 a gallon Monday, up 3 cents...hybrid car." Rising gas ...
- Gas prices expected to remain steady: Cost of fuel likely will stay in the...
- Newspaper article from: Contra Costa Times (Walnut Creek, CA) August 15, 2007 700+ words
...Aug. 15--Bay Area gas prices dropped in July and are...driving vacations. A gallon of regular unleaded gasoline...you used to $3.50 a gallon, then when they lower...because of the lower gas prices. Reynolds said she sold...high prices, $3 (a gallon) starts looking like...
- Gas Prices at Pump Drop Nearly 20 Cents a Gallon in Wichita, Kan.
- Newspaper article from: Knight Ridder/Tribune Business News June 11, 2004 700+ words
...haven't noticed, gas prices have dropped nearly...record $2.08 per gallon. "I think it...the price of a gallon of unleaded regular...didn't know that gas prices had dropped until...30-cent-per-gallon drop in wholesale...going down, so are gas prices." Retail ...
Source: HighBeam Research, Perspective on gas prices.(Between The Lines)