David Freddoso has a post about Nancy Pelosi’s ignorance and deceit on gas prices. Apropos to that, here’s a graph of gasoline prices at the pump since 1979, real and nominal. I was interested to see that real gas prices are indeed high now, flirting with their peak in the early 1980s. They spiked in mid-2005, started fluctuating wildly and settled into the higher price in mid-2007. (If we’re in a recession now, that has to be a significant cause.) On the other hand, the recent spike in the nominal price is all due to inflation. Real prices haven’t changed much since mid-2007.