That actually means gas prices haven't gone up, or not by much. In the 20 years from 2001 to today, inflation roughly doubled everything. If gas went from $1.9x then to $4 today, that's actually not far out of line.
The Russia supply shock this month is unusual, but the mid-$3 pricing plateau over the preceding year was quite normal by historical standards.
That actually means gas prices haven't gone up, or not by much. In the 20 years from 2001 to today, inflation roughly doubled everything
"Inflation" is a nebulous word, if you're referring to CPI, isn't oil price (via transportation, fertilizer costs) a major contributor to that increasing?
I'd expect a historic fuel price chart corrected for CPI to be roughly a horizontal line, because fuel prices majorly contribute to it.
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That actually means gas prices haven't gone up, or not by much. In the 20 years from 2001 to today, inflation roughly doubled everything. If gas went from $1.9x then to $4 today, that's actually not far out of line.
The Russia supply shock this month is unusual, but the mid-$3 pricing plateau over the preceding year was quite normal by historical standards.
"Inflation" is a nebulous word, if you're referring to CPI, isn't oil price (via transportation, fertilizer costs) a major contributor to that increasing?
I'd expect a historic fuel price chart corrected for CPI to be roughly a horizontal line, because fuel prices majorly contribute to it.