CNN's Lee Pumps Up Gas Price
Gas prices are on the rise again, but are they really just one penny below â€śall-time highs,â€ť as CNN business reporter Carrie Lee suggested recently?
â€śUp 11 cents a gallon over the past two weeks,â€ť Lee reported on the July 10 â€śAmerican Morning,â€ť citing a Lundberg survey noting that the $2.995-a-gallon cost was â€śjust less than two cents below the all-time high set last year during Hurricane Katrina.â€ť A minute later Lee said it was â€śabout a penny off from the all-time high.â€ť
Taylor and Van Doren wrote that when adjusted â€śfor the change in disposable per capita income, prices would have to be $4.30 today to have an equivalent impact.â€ť
Simply put, concluded Taylor and Van Doren, â€śAmericans are still, on average, economically ahead of the game.â€ť