Oil prices reached $100 a barrel for the first time ever on January 2. Surging global economies and unrest have sent prices soaring during the last year.
Oil prices are now within the range of inflation-adjusted highs that were set in early 1980. Depending on how the adjustment is calculated, a $38 a barrel in 1980 would be equal to about $96 to $103 or more now.
According to the AAA and the Oil Price Information Service, gasoline prices at the pump rose 0.6 cent to a national average of $3.049 a gallon. Regular gas prices peaked at $3.227 a gallon in May and, according to the Energy Department’s Energy Information Administration, a similar rise is expected this spring, when gas prices could peak above $3.40 a gallon nationwide.