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Steve Hargreaves says Americans should quit griping about gas prices, but adjusted for inflation, a gallon of unleaded gasonline costs less than it did in the early 1980s.

Here’s another statistic the CNN Money article cites:

Moreover, in 1980, the average American had to work 105 minutes to buy enough gas to drive the average car 100 miles… By 2006, the average American needed to work only 52 minutes…

I have some issues with this. The “average American” salary, if we’re talking about the mean, is skewed upwards thanks to salary increases at the top which far outpaced the salary increases of most workers.

Nevertheless, this statistic is still irrelevant. The average commute time has grown since 1980, so even if the number of minutes worked to pay for 100 miles is lower, the number of minutes worked to pay for commutes is higher. Demand increases and prices go up, and demand has not declined as the gas prices increased.

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The Elevator Economy

This article was written by in Economy, Real Estate and Home. Comments Off

Home sales hit new record. Sales of new homes in the U.S. rose by 3.4 percent in October.

Housing boom past its peak? The pace of new home building slowed sharply in October, the weakest month in 2005.

Home builder sentiment falls. The National Association of Home Builders says November was a bad month.

Consumer confidence surged in November with falling gasonline prices.

Let’s keep everyone guessing. Why bother reading or watching the news? The stories will change the following day.

According to the Environmental Protection Agency, the Honda Civic Hybrid beats out the Toyota Prius for best gas-mileage (61 mpg city/66 mpg highway versus 60/51). The non-hybrid Civic is the best gasonline-only vehicle with 36/44.

In my driving experience with my manual-transmission 2004 Honda Civic LX, I usually get between 32 and 37 mpg, and that’s mostly highway miles. Honda has information about their 2005 Civic Hybrid.