Gas prices up, but not as much as oil prices

The Economist had a chart a few days ago showing that oil prices have roughly doubled since early 2005, when I was writing stories about the scary possibility of $60 a barrel oil.

But here's another interesting chart from the Energy Information Administration:

mogas_chart.gif

The doubling of oil prices has increased the retail price of gasoline by less than 50% since early 2005. This helps explain why demand diminution has so far been less than economists were expecting.

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Megan McArdle is a columnist at Bloomberg View and a former senior editor at The Atlantic. Her new book is The Up Side of Down.

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