Are Americans, in fact, buying more gas than a year ago?
If you believe the experts, the oil companies aren’t lying to you; it really is supply and demand. And no, it isn’t price gouging by any legal definition; it’s just the normal profit taking. 1. Are gas prices truly high, and will they stay that way? Gas prices have dipped slightly since hitting a record national average high of $3.227 on May 24. When adjusted for inflation, the 1981 price was a bit higher, at $3.29, according to the Energy Information Administration, an independent research arm of the U.S. Department of Energy. Factor in gains in average fuel efficiency — 21 mpg today compared with 15 mpg to 16 mpg in 1981 — and we’re spending less on gasoline today: less than 3% of gross domestic product compared with 4.6% in 1981. As U.S. refineries regain operating capacity in the days to come, the domestic supply should improve and cause prices to level off. Any disruption in operations — from a hurricane or fire, for example — could cause another bottleneck, however. And analysts
