
Today's gas prices aren't the highest on record. Although gasoline costs more than $4 a gallon nationally, inflation-adjusted prices were considerably higher in 2008.
Wages change the equation. Americans earning the median hourly wage must work about 9.5 minutes to buy a gallon of gasoline today, compared with 16 minutes in 2008.
Inflation can distort our perception of prices. The dollar amount consumers pay doesn't necessarily reflect the true cost of a product compared with previous years.
The surge in gasoline prices since the start of the Iran war played a significant role in Democrats dramatic election sweep this week. But a new analysis from the Pew Research Center suggests that today's prices, while painful, aren't nearly as high as they appear when compared with the past.
The difference is inflation.
Author: Mark Huffman
Source: Consumer Affairs
Posted: 2026-11-06 13:58:29














