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