Gas price record? Feds move target higher

[EV_Ares]

By James R. Healey, USA TODAY

The price of gasoline was almost certain to set an inflation-adjusted record today, but the government raised the bar.

The price at the pump now has to pass $3.292 a gallon to be higher than it was in March 1981, taking into account inflation between then and now, the Energy Information Administration said Wednesday. EIA, the statistical arm of the Department of Energy, previously said the March 1981 price of $1.417 per gallon was equivalent to $3.223 in today's money.

AAA, also a price-tracker, said Wednesday's average was $3.227, enough to pass EIA's previous inflation-adjusted number.

For those who smell a whiff of politics in a new, higher record unlikely to be broken immediately — those who envision headlines such as "Gas still cheap, administration says" — EIA says, firmly, no.

http://www.usatoday.com/money/industries/energy/2007-05-23-gas-inflation_N.htm?csp=34

[OwnedByFerrets]

1. What a shame

that my wages havent matched those inflation numbers.

[unpossibles]

3. yeah, this one bothers me too

I wonder how accurate the "average" wage is per year. The fact that we have record number of millionaires probably throws off the "real citizen" numbers a bit too, not to mention low wage earners.

All I know is that in 1999 I remember paying a dollar for gas, and my income has not more than tripled since then.

[louis-t]

2. Had to put up with local RW idiot John McCullough on Mitch Albom

show yesterday (rationalizing) and I paraphrase: "well, in 1977 if someone was making $3 an hour and gas was blah, blah, then if someone is making $10 and hour now, then gas is blah, blah, it's the same!" They were talking about what new drivers have to look forward to re: hourly salary vs. gallon. Except they kept interjecting odd formulas using different factors. Minimum wage in one formula, then average wage in another. Big smokescreen. Do the math. In 1972 gas was $.33 a gallon. Minimum wage was around $1. A min. wage worker could buy 3 gallons for every hour worked. Min. wage now is $5.15, gas is almost $4. Gas would have to be at $1.70 to equal 1972 scenario. End of story.

[VoltaireAmericain]

4. Walk to places that are close by when you are able to