Well, you better get ready. Gas was near an all time inflation adjusted high back in April, but as of right now we’re already paying more than we’ve ever paid for a gallon of gas. According to the Wall Street Journal:
The skyrocketing price of oil, now up more than 44% so far this year, is battering the airline and auto industries and causing consumers to cut back on driving and nonessential spending.
That jolt is reinvigorating worries that crude prices could ratchet still higher, putting a severe squeeze on many economies around the world and deepening the growing tension between the world’s big oil exporters and consuming countries.
This chart illustrates the price of Gas in the US in both real dollars and inflation adjusted dollars. Either way we’re at the top of the scale right now.
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