Gas Price Increase in Context

Much of the increase in gasoline costs in the United States is simply the result of a weakening dollar.

If the dollar had retained its value relative to the Euro as of January 1, 2002, the price of gasoline would be approximately $2.25 per gallon today (assuming a present price of $4.00).

The strength of the Euro has shielded Europe from the huge gas price increases experienced in the United States. Gas prices are up, but by far less in percentage terms than in the US.