{"id":62635,"date":"2022-05-13T06:24:57","date_gmt":"2022-05-13T11:24:57","guid":{"rendered":"https:\/\/olduvai.ca\/?p=62635"},"modified":"2022-05-13T06:24:57","modified_gmt":"2022-05-13T11:24:57","slug":"gasoline-diesel-prices-spike-to-new-wtf-records-but-dont-blame-crude-oil","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=62635","title":{"rendered":"Gasoline & Diesel Prices Spike to New WTF Records, But Don\u2019t Blame Crude Oil"},"content":{"rendered":"
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Gasoline & Diesel Prices Spike to New WTF Records, But Don\u2019t Blame Crude Oil<\/a><\/h3>\n<\/header>\n
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Predictions a few weeks ago of peak gasoline prices have been obviated by the inflationary mindset.<\/strong><\/p>\n

The average price of all grades of gasoline at the pump<\/strong>\u00a0spiked to a record $4.33 per gallon on Monday, May 9, the third week in a row of increases, and was up 46% from a year ago, edging past the prior record of Monday, March 14 ($4.32), according to the US Energy Department\u2019s EIA late Monday, based on its surveys of gas stations conducted during the day.<\/p>\n

Gasoline price increases slap consumers directly in the face every time they get gas, and the classic ways of hiding price increases \u2013 such as making gallons smaller (shrinkflation) \u2013 would be illegal.<\/p>\n

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Adjusted for CPI inflation, it\u2019s still not a record. In July 2008, gasoline at $4.11 would amount to $5.37 a gallon in today\u2019s dollars. Long way to go, baby.<\/p>\n

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