It was announced that gasoline prices in the US reached an all time high
today, the national average price being $1.70 a gallon.

Actually this is still cheap gas. In 1980 the price rose, in 2004 dollars, to
$2.50 per gallon. So, in real terms, gas costs less now than it did in 1980.
[Data from CNN, 3/23/04.]

Gasoline is also cheaper now in the US than in most countries of Europe,
where the price is normally several dollars per gallon higher than we pay.

And gasoline now is far cheaper than it likely will be in a few years, when
supply falls far short of demand. Then we may see prices in excess of $10 per
gallon, in 2004 dollars.

Tom Mathews
Energy Issue Leader
Sierra Club, Iowa Chapter

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