Are today’s gas prices really all that high?  Well, to many they certainly appear to be, but according to the CATO Institute, the high gas prices we’re seeing today are, relative to the past anyway – actually quite low.  And why is this?  Because when income and inflation rates are factored into the equation, prices have been declining steadily for decades.  Indeed, if we were truly paying what our grandparents did for gasoline, the price would be almost twice as high as what we’re shelling out. And for those who drove in the 1970’s, gas prices would have to reach six dollars per gallon to equal the amount paid back then.  While such news may not help your wallet the next time you fill up, it may do a little to offer you some perspective.

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