Liberal Forum

SouthernFried » Today, 7:37 am » wrote: ↑

Today, 7:37 am

One glance at tbe gas pumps or my 401k tells me you're lying. Gas was more expensive under Biden. As was everything else. As a cherry on top, Biden headed an abysmal stock market performance.

What the hell, do you run on steam powered by home brewed moonshine?

Historical Overview: 2008 to 2026The following table outlines the approximate annual national averages for a gallon of regular unleaded gasoline, showcasing both nominal prices and their 2026 inflation-adjusted purchasing power.YearNominal AverageInflation-Adjusted (2026 Dollars)Key Market Driver2008$3.27$5.05Summer peak hit $4.11 due to surging global oil demand.2009$2.35$3.62Prices crashed following the Global Financial Crisis.2011$3.53$5.21Post-recession demand recovery and Arab Spring supply fears.2012$3.64$5.22Highest annual nominal average of the 2010s decade.2015$2.45$3.41Global oil supply glut caused by the U.S. fracking boom.2020$2.17$2.36Prices plunged during widespread COVID-19 pandemic lockdowns.2022$3.95$4.40All-time high month recorded in June ($5.01) after Russia's invasion of Ukraine.2024$3.40$3.55Market stabilized closer to historic baselines.2026 (Current)$4.10$4.10Supply constraints and high oil costs push prices back above $4.00. Core Phases of the Timeline The 2008 Oil Shock: Driven by skyrocketing Chinese industrial demand and tight global supply, crude oil hit an all-time record of $147 a barrel. In July 2008, pump prices peaked at $4.11, which feels like paying well over $6.20 today when adjusted for inflation. The Great Recession Bottom (2009): The financial crash destroyed consumer spending and economic activity. Gas plummeted beneath a $2.00 national average during the winter months. The High-Stability Era (2011–2014): Crude oil consistently sat near $100 a barrel, keeping average pump prices firmly above the $3.30 mark for four consecutive years. The Fracking Boom & COVID Slump (2015–2020): Technological leaps in U.S. shale drilling flooded the market with cheap oil. This kept prices low until 2020, when the pandemic wiped out travel demand, pushing national averages down to a baseline of $2.17. The Post-Pandemic Inflation & Geopolitics (2022–2026): A fast economic reopening, high domestic inflation, and strict sanctions on major oil producers like Russia sent fuel soaring. Gas broke a raw nominal record by hitting $5.01 in June 2022. Ongoing modern supply pressures keep current 2026 prices elevated around $4.10.