Historic gas prices

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.

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