Image Generated by Bing AI
With the war in Iran and the Straits of Hormuz closed, Crude Oil has skyrocketed, taking gasoline prices with it. But how are gasoline prices doing on an inflation-adjusted basis?
- Are they higher than 2022’s prices?
- Are gas prices really at all-time highs?
- How do today’s prices compare to what your grandparents paid?
- Was gas really that cheap during the 1950s and 60s?
- What caused gas prices to crater in 1998?
- How do today’s prices compare to prices during the 1970s OPEC shock?
- What is the average inflation-adjusted price of gas over the last century?
- Are we above or below the average?
The answers might surprise you.
When you adjust for inflation, the story of American gasoline prices over the past century looks nothing like what you expect. And the most expensive gas of the entire 20th century didn’t happen during a war or an embargo…
We’ve tracked inflation-adjusted gasoline prices all the way back to 1918, and the long-term picture reveals patterns that short-term price-watching completely misses.
See the full inflation-adjusted gasoline price chart and data →
