We are always intrigued by how the financial media cherry-picks nominal and real data. Though this week’s national average gas price tops all observations in the following chart, the current real gas price in 2012 dollars is roughly $2.81, down about 20 percent in real terms from Thanksgiving Week 2012.
In more practical terms, the average hourly earnings of production and nonsupervisory employees can now purchase 7.7 gallons this Thanksgiving versus 5.8 gallons during the same holiday week in 2012. Some good news that will be buried in our holiday doom scrolling.
Gasoline prices are down sharply since briefly hitting a nationwide average of $5 per gallon in June, but motorists are still facing record Thanksgiving costs, Ben writes.
The big picture: While average pump prices heading into the holiday are above the 2012 mark, that’s not stopping a busy travel period.
- AAA expects nearly 49 million Americans will drive to their destinations this week.
- “Despite higher gas prices, travelers are hitting the road in a big way this holiday, for what is expected to be the third busiest Thanksgiving since 2000,” the group said in a release. – Axios