Finding a Gas Station with the Highest Price
When a gas station sign shows up on TV, you can bet the price shown is higher than the national average. That was true again as NBC ‚ÄúToday‚ÄĚ co-host Ann Curry reported March 6.
‚ÄúOil prices jumped again this morning to yet another record, topping $105 a barrel. The jump followed Wednesday decision by OPEC not to increase production,‚ÄĚ Curry said. ‚ÄúThe cost of oil is sending gas prices soaring to well over $4 a gallon at this gas station in Redwood City, Calif.‚ÄĚ
The photograph of the Redwood City gas station clearly showed regular gasoline at $3.99, while mid- and premium-grade fuels were over the $4 mark ‚Äď $4.19 and $4.39, respectively ‚Äď but price averages are usually based on regular-octane gas.
But even if the Redwood City station had its regular gas at more than $4 a gallon, Curry‚Äôs report would been a familiar case of media exaggeration. When it comes to reporting negative economic news, the media tend to focus on extreme examples rather than hard data.
On gasoline specifically, reporters routinely show photos of extreme local pump prices on the screen despite lower national averages. The Business & Media Institute documented this trend in 2007, 2006 and 2005.
Contrary to examples NBC may be able to find here or there of gas stations pricing fuel over $4 a gallon, AAA reports the nationwide average for a gallon of regular gasoline March 6 is $3.19. (Mid-grade is $3.38 and premium is $3.50.)