While nominal gas prices have increased rapidly over the past few months, real gas prices were still lower than they were for most of the 2006-2014 period.
More in "Gaslighting gas prices", April 21, 2022.
They don't pay those economists the big bucks for nothing:
[W]e compute by dividing the nominal price by the consumer price index (CPI) and multiplying by 127.5, the value of the CPI in January 1990.
Talk about gaslighting.
Look, US Regular All Formulations (GASREGW), which is what the blog post used, peaked around the 4th of July in 2008 around $4.11/gallon.
Here's what a popular inflation calculator says about that:
We estimate it would take $5.54 on June 12, 2022 to have equal purchasing power with $4.11 on July 4, 2008.
Just using a simple CPI calculator here puts $4.11 in 2008 at $4.94 . . . already IN 2020.
We are mostly certainly paying the highest prices ever for gasoline.
Be happy, right? At least we're not Hong Kong.
