Gas prices have been worse before: Here's when

[Yo_Mama_Been_Loggin]

(NEXSTAR) – Gas prices have been on the rise, and don’t appear to be leveling off anytime soon. But, as crazy as it may seem, gas prices have been higher before.

On Thursday, the national average price of gas jumped to $5 a gallon, according to GasBuddy. This jump doesn’t come as a surprise for most - gas prices have been on the rise for months amid supply chain problems, increased demand for fuel, and Russia’s invasion of Ukraine. President Biden even authorized the largest-ever oil reserve release from the country’s strategic reserves to combat rising prices.

-snip-

It was the summer of 2008, just before the U.S. economy hit a massive recession, prices at the pump peaked at $4.11, according to Kiplinger, a business and finance news site.

When adjusted for inflation, using the Bureau of Labor Statistic’s calculator, $4.11 in July 2008 is equivalent to $5.40 today (based on the most recent data from April 2022). We’ve already surpassed another notable gas spike, which happened in 1981 when gas prices jumped to a then-record of $1.31. Adjusted for inflation, that’s equal to $4.13 in today’s prices.

https://www.msn.com/en-us/money/markets/gas-prices-have-been-worse-before-here-s-when/ar-AAYlQmY

[doc03]

1. We know that but try and convince the average

American.

[jimfields33]

2. Average Americans are not going to calculate 4.11 to today's price.

They see 5 dollars and are upset. Looking at foreign countries, saying your better off then 2008 is not going to ease their pissed off mood. It’s just not.

[Patterson]

3. The average American dumbass will lose their freedom because...

Of their stupidity.

[Chipper Chat]

4. i recall the day after shock and awe in (1991?)

gas in fort wayne Indiana jumped to $4.35

[Ferrets are Cool]

5. I am one of those that would rather have high prices than long lines

I experienced the lines of 1973. It was hell.

[Yo_Mama_Been_Loggin]

6. I remember those

They were around in 1979 also.

[Ferrets are Cool]

10. This is funny as hell now, but I can remember when I ran out of gas

(only one of two times I ever did that) because I refused to pay .79 a gallon for fuel.

[roamer65]

18. 79 cents was a decent amount of money in 1973.

[Ferrets are Cool]

22. Especially when making $4 an hour.

[roamer65]

23. ...

[MenloParque]

7. Rode my bike past a gas station where people were waiting in line

To pump their gas. Premium 91 octane was $7.09. No problem. Summer in San Francisco is a glorious time of year to walk and ride your bike. It is sad that many BART, CALTRAIN, and MUNI trains are nearly empty. My neighbors have 2 lifted Ford Diesel trucks that they drive all over the city for every little errand. I just don’t know how we are ever going to get people out of their cars in this city. San Francisco is a very small city size wise, and public transportation serves every part of this city.

[BettyonRed]

8. During both of those times I could still pay my bills

Not today. This inflation hitting across the board is too much and doesn’t compare to 2008.

[Ferrets are Cool]

11. Welcome to DU

[BettyonRed]

13. Thank you!

[SoonerPride]

9. If people want prices to go down buy less gas.

When demand falls so will prices.

Drive less.

You’ll save money and help the planet.

[roamer65]

17. Or buy a fuel efficient sedan.

I’m getting 35 around town and 40+ mpg on the highway.

I feel like I am fucking over Putler and MBS simultaneously.

[BettyonRed]

19. That's not a realistic option for most people

The same as telling people to just go buy an electric vehicle. It’s an easy and tone deaf remark. High mileage cars are selling for way above sticker and are largely sold out. I don’t have the money or bandwidth to just go buy a different car and pay $45000. You could just as easily say go make more money.

[roamer65]

21. High mileage sedans don't sell for $45000.

And there are plenty of them on carmax and carvana.

[former9thward]

12. 2008 is not a great example unless you want a change in the party of power.

Which is what happened in the 2008 election. Also you point out the 2008 peak was right before a recession. If that happens forget about the midterms.

[madville]

14. And we lost the House for 8 years

From 2011-2019, is the argument that we are about to repeat that? Certainly feels like that’s what’s coming.

[pansypoo53219]

15. i swear i saw $5 in wi around iWAQ in july.

[roamer65]

16. Bring back the K car!!!

[WarGamer]

20. I paid 6.89 today... it's still rising.