Michael Hiltzik: No, gas prices aren't really at a 'record.' But people are hurting anyway
With the price of a gallon of crude oil spiking, you'll be reading and seeing lots of reports about gasoline prices setting records in the United States. That's true up to a point, but mostly not true. The difference is how you account for inflation. Nominal prices — the number you see on the gas pump when you're filling up — are hitting what appear to be unprecedented levels. As of Tuesday ...
With the price of a gallon of crude oil spiking, you'll be reading and seeing lots of reports about gasoline prices setting records in the United States.
That's true up to a point, but mostly not true. The difference is how you account for inflation.
Nominal prices — the number you see on the gas pump when you're filling up — are hitting what appear to be unprecedented levels. As of Tuesday morning, the AAA pegged the national average at $4.173 per gallon and the California average at $5.444.
When accounting for inflation, however, today's prices are still about 20%
