CNN's Lee Pumps Up Gas Price
Gas prices are on the rise again, but are they really just one penny below “all-time highs,” 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.”
Taylor and Van Doren wrote that when adjusted “for the change in disposable per capita income, prices would have to be $4.30 today to have an equivalent impact.”
Simply put, concluded Taylor and Van Doren, “Americans are still, on average, economically ahead of the game.”