Sunday, July 23, 2006

Record high? Sort of...

It's a staple of Sunday newscasts these days -- the every-other-week Lundberg survey of nationwide gasoline prices. But the AP did its clients a disservice tonight by touting the results of the latest survey as an "all-time high."

Reuters was more cautious -- and accurate -- calling it simply the highest price in 25 years. That's because if you adjust for inflation, gasoline was actually taking a bigger bite out of people's wallets in the spring of 1981 -- and prices nowadays would have to jump another 16 cents to reach that level.

At the rate we're going, the real all-time high isn't far off. But anyone working off just the AP story ended up jumping the gun tonight.

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