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Where will it stop?

With average gas prices cracking the $2-a-gallon ceiling for the first time, consumers ask ...

By Times Staff Writer
Published May 19, 2004

photo
[AP photo]
A sign at a Shell station in Menlo Park, Calif., sums up the owner's feelings about gas prices.

PUMPED UP

Average U.S. retail prices for regular-grade gasoline jumped 7.6 cents in the last week to $2.017, according to the U.S. Energy Department. That's almost 52 cents more than the price a year ago.

* In Florida, the current average is $1.977 for a gallon of regular, a jump of about 49 cents since last year. Many stations, however, have crossed the $2-mark.

* Prices are likely to rise another 10 percent this summer, says Dr. Rajeev Dhawan, director of economic forecasting at Georgia State University's Robinson College of Business. Last week the government predicted the price would peak at $2.03 in June.

* Figures are due out today that could show further drops in gasoline stockpiles, which have been 3.8 percent below the five-year average.

* Despite cracking the $2 threshold, when adjusted for inflation, U.S. gas prices are still only two-thirds of the price they hit in March 1981, when they reached a price that would now be $2.90 a gallon.

IS IT CHEAPER TO FLY?

Most families taking long trips will still come out cheaper by driving. But if you're traveling alone and drive a gas guzzler, you could probably find a round trip ticket for less than the cost of gas. For example, a roundtrip flight from Tampa to Washington Reagan National Airport on US Airways can be found for $158. AAA has a Web site, www.fuelcostcalculator.com that allows you to plug in your trip plans and information about your car to calculate gasoline costs. Below is a chart that shows how a trip from Tampa to Washington, compares in various automobiles.

From Tampa to Washington, D.C., a round trip of 1,858 miles
Car Gallons of gas used Fuel cost
2003 TOYOTA PRIUS (HYBRID) 41.28 $60.26
1999 CHEVROLET MALIBU 64.06 $93.50
2002 HONDA ACCORD 66.36 $96.84
1998 DODGE CARAVAN (MINIVAN) 77.42 $112.98
2000 FORD EXPEDITION 4WD 116.12 $169.46

- Sources: Boston Globe, MSNBC, Newsday, AAA, Energy Information Administration

[Last modified May 19, 2004, 08:28:41]


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