Ken Shepherd, writing on the Business & Media Institute web site, argues that recent coverage on CNN of high gasoline prices at the pump overstates the situation.
Shepherd wrotes, “Gas prices are on the rise again, but are they really just one penny below â€œall-time highs,â€? as CNN business reporter Carrie Lee suggested recently?
“‘Up 11 cents a gallon over the past two weeks,’ Lee reported on the July 10 ‘American Morning,’ citing a Lundberg survey noting that the $2.995-a-gallon cost was ‘just less than two cents below the all-time high set last year during Hurricane Katrina.’ A minute later Lee said it was ‘about a penny off from the all-time high.’
“That figure is actually 12 cents shy of the inflation-adjusted all-time high of $3.12, reached in April 1981.
“But Leeâ€™s math is fuzzy even when not accounting for inflation. The highest average gas price recorded in 2005 was $3.057 in early September 2005, according to AAAâ€™s FuelGaugeReport.com.”
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