08/15/2005
Gas prices hit a new high last week, rising to $2.53 per gallon, the Lundberg Survey reported this weekend. Gas prices have increased approximately 20 cents in the past three weeks.
Crude oil price futures increased $8.21 in the same three-week period, resulting in a gas price increase of 19.6 cents per gallon, survey publisher Trilby Lundberg said.
Adjusted for inflation, though, gas prices have not yet reached the levels achieved in the early 1980s in the wake of the Iranian Revolution. According to Lundberg, gas prices in March 1981 would be $3.03 per gallon today; a barrel of oil would be almost $90.
Gas prices are expected to continue to increase in August, but drop off after Labor Day following the summer travel season.
