Gasoline prices may feel expensive, but when adjusted for inflation, they are either worse than the 1970s or better than the George W. Bush era.
Infographic: How High is the Price of Gas?
Jan 11, 2022
by Jeffrey Winters
It would be premature to jump to that conclusion, however. For one thing, the May 2020 prices were depressed by the widespread shutdown of economic activity at the beginning of the COVID-19 pandemic. More importantly, though, while the nominal average price of gas in the United States is high, adjusting the price for inflation tells a different story. Compared to prices from 10 years ago, gas is pretty cheap, though not as much as it was in the 1990s.