Monday, August 13, 2007

Gas Prices Fall, But You Won't Hear Much About It

Gas prices in Michigan are now below $2.50 in some areas, check prices here, and the national average has fallen from $3.24 to $2.76 per gallon, or about 15%, in the last two months (see chart above, click to enlarge).

Notice in the graph above that gas prices are about the same today ($2.76 per gallon) as two years ago, and there have been alternating periods of rising and falling gas prices between a low of $2.10 and $3.24. However, there are 480,000 hits for a Google search of the term "rising gas prices," but only 33,000 hits for a search of the term "falling gas prices." So even though gas prices have fallen and risen with about the same frequency over the last two years, there is about 14.5X as much attention paid by the media to rising gas prices compared to falling gas prices. (Most of the Google hits are for news reports.)


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