This is beginning to feel like 2008, in some ways the situation is not as dire as pointed out below the 2008 price with inflation would be $5.50 and cars are getting much better mileage. That all said this will hit discretionary income and contribute to cost of goods as very fews things are produced locally so higher fuel will factor into increased costs.
Just as the West is pulling back from buying Russian oil, retail gasoline prices are hitting new nominal highs for the first time since July 2008, Matt writes.
Driving the news: The latest numbers from the Energy Information Administration pegged the average cost of a gallon of regular at $4.10, up 25% from the end of last year.
Why it matters: This will help keep U.S. inflation uncomfortably high for the foreseeable future. Yes, but: If you adjust for inflation over time — meaning account for the declining buying power of the dollar — the true record high for U.S. gas prices was in June 2008, when a gallon cost roughly $5.50 in today’s money.Axios Markets By Matt Phillips and Emily Peck ·Mar 09, 2022