Gas prices now sit at very close to $4 a gallon nationwide and voters aren’t happy. The situation reminds us of the old David Letterman line that “gas prices are so high that even the rats are carpooling into Manhattan.”
The prices at the pump nationwide were slightly below $3 a gallon before the Iran conflict and at record lows adjusted for inflation. We all long for a return to those low prices.
This chart below shows the inflation-adjusted cost paid by motorists and businesses. In real terms, the gas price hit $5 a gallon under President Obama and $4.25 a gallon under Biden.
The price at the pump today is right at the historical average going back to the 1970s.
The main difference between high prices today versus the upward prices under Obama/Biden is that those prices were high because those presidents launched a war on fossil fuels here at home, versus in the last two months it has been the Middle East nations that have restricted global production.
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