More on Gas Prices

Couple of things about the current price of gas. From Knowledge Problem comes the observation that the prices are not the highest they have been. You need to adjust for inflation: bq. Gas prices may seem high to consumers now, but that is largely because they have been relatively low in recent years. Considered over 30 years -- since the 1973 OPEC embargo -- today's pump prices are about average, Borenstein said. bq. According to the AAA, the average price of a gallon of regular gasoline Tuesday was $1.75, a record. In California, it was $2.13, a nickel less than the March 6 record. bq. If the price were adjusted for inflation, a gallon in California still would be cheaper than in 1980: $2.41 in today's dollars. And Gasoline is still cheaper per gallon than bottled water.