Gas prices in perspective

article on CNN.com about gas prices today: http://money.cnn.com/2007/05/07/news/economy/gas_prices/index.htm?postversion=2007050714

When inflation is factored in, Lundberg's record of $3.07 still trails the all-time high in March 1981. At the time, gasoline cost $1.35 a gallon - and in today's dollars, that's $3.13 a gallon, said Lundberg.

Also, Americans earn a lot more now than they did in the early 1980s, so by some measures what people spend now on gas is only half of what is used to be.

In 1980, the average American had to work 105 minutes to buy enough gas to drive the average car 100 miles, David Wyss, chief economist at Standard & Poor's, said in a study last year. By 2006, the average American needed to work only 52 minutes, thanks in part to better fuel efficiency but mostly due to higher wages.

It's also worth noting that while $4 gasoline would be a record for American motorists, in Europe it's common. The average price for a gallon of gas in the Netherlands is over $7, and it's over $6 in many European countries.