So far in 2022, national gas prices have averaged $3.77 for the year. That number is almost certain to go up; current prices are hovering around $4.70. Efforts to restrict Russia’s access to the global oil market are creating a shortfall that currently has oil trading at around $120 per barrel. But no matter how many times somber newsreaders talk about these record highs, the truth is, we’ve been here before—and not that long ago.
There have been several points in the past where the price of gas was well above the equivalent of $4 in current cash. That includes 2008, when the average over the whole year was $4.32, and 2012, when it was $4.47. That’s not a one-week high—in both years, inflation-adjusted prices were above the current level for brief periods—that’s an average across the whole year.
Here’s a graphic you’re unlikely to have seen on the news when the Very Serious People are making vague statements about how President Biden’s policies have affected oil prices.
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