by Calculated Risk on 5/02/2006 05:37:00 PM

Click on photo for larger image.

Photo taken May 2, 2006 at the gas station nearest my home.


And here is a photo of the same station taken way back on April 20, 2006.

The EIA provides historical data on oil and gasoline prices.


Using the EIA data, this graph shows the annual average real and nominal gasoline prices since 1919. Real gasoline prices have declined steadily for the last 85 years, with a few exceptions: real prices rose during the Depression and during the two supply driven oil shocks in the 1970s.

And real prices have been rising for the last few years. If the average price for gasoline is just over $3.00 per gallon this year, 2006 will set a new record for real gasoline prices.