Raw data about the rise in gas prices

As gasoline reached yet another all-time high today, even when factoring in inflation, here are some of the statistics to keep in mind:

• This is the 10th day in a row that gas prices have reached an all-time high.
• Prices have gone up 50% since January.
• The highest gas prices in the country are in Chicago, where a gallon of regular costs $3.59.  But that was according to the Lundberg Survey taken Sunday -- so things could have changed since then.
• The GAO reports that gasoline price increases have drained $20 billion out of the pockets of American taxpayers so far this year.
• Unless prices fall suddenly, Wednesday will mark the longest stretch of $3.00 gasoline since AAA began keeping track.  Again, these stats are inflation-adjusted.
• High gas prices are having an impact on the retail industry.  According to the National Retail Federation's 2007 Gas Prices Consumer Intentions and Actions Survey, 74% of consumers say the spike in gas prices has impacted their spending habits.  Also, 40% say they are taking fewer shopping trips.
• AAA, which also monitors travel trends, says they are expecting a decrease in travel on Memorial Day weekend.
• 21 governors are asking Congress to investigate allegations of gouging on the part of the oil industry.

Comments

[William Hartwell]

One bit of raw data I don't see is, what portion of the price we pay for gasoline is made up of federal, state, and local taxes? I remember when I lived in Arizona, the tax breakdown was posted on every gas pump, and (at that time, which was 1997) it demonstrated that over half of every dollar I paid for gas was taxes, while the gasoline retailer only got about 10 cents. Is it still that badly skewed, or have taxes dropped since then?