Relative gasoline price as of 07/04/2022

Using the core consumer price index, Cleveland Fed forecast for June, July, as of July 7th.

Figure 1: Price of all gasoline (black) and unleaded gasoline (blue) in 2020, $ using the underlying CPI as the deflator. Peak-to-trough dates as determined by the NBER are in grey. The July observation uses gasoline prices up to 7/4. The June and July observations use the current Cleveland Fed forecasts for the core CPI as of July 7th. Source: EIA via FRED, BLS, Cleveland Fed.

Gasoline prices are high in relative terms, but not at record highs. This was in 2008.