Has the price of gas really doubled in the last 4 years?

Question

I heard that it was only about $2.00 a gallon in 2004. How long has it usually taken the price to double in a historical context? Has the price been rising faster than normal, and if so, why? How does the cost of gas today compare with the fuel crisis of the 70's in inflation-adjusted dollars? How does it compare in terms of the rate (percentage) increase with the past few decades?

Can anyone provide a reliable link to charts or statistics on this phenomenon.

Intelligent analysis/speculation as to the causes of the price increases are welcome as long as they don't devolve into name-calling.

Answer 1

How about the last two years

Answer 2

January 1 of 2007 it was $2.15 within 4 months of the liberals taking over the senate it had jumped to $3.20... yes it dropped back to almost $2.75 but has increased to what we have now.  I miss the days when I could fill my moped for less then a buck... god I miss 1984 and Reagan.

Who could give this answer a thumb down?  Isn't it the truth?

Answer 3

It 's really ALL Bush and Cheney's fault. Bush has a button on his world control panel in the White house marked 'increase gas prices to make my friends rich' that he keeps pressing like a monkey hoping for a peanut. It has nothing to do with supply and demand, it's all Bush and Cheney, bush and Cheney. If Al gore had gotten elected, China and India wouldn't have become developing countries using more gasoline and driving up demand, and the price would have stayed down at Bill clinton levels.  I will always detest Bush and Cheney for driving up the price of a commodity demanded world wide almost single handedly. And you Democrats have the temerity to call Bush stupid? How dumb could he be when he has that kind of control over the world wide price of oil? He must be some kind of economic genius.

Answer 4

The week of July 24, 2004 Regular gasoline cost $1.86/gallon

The week of July 21, 2008 regular gasoline cost $4.00/gallon

So yes, in the last 4 years gasoline has more than doubled in price. (Source DOE)

The peak of oil prices during the OPEC oil embargo in 2008 inflation adjusted dollars was $2.50, and $3.44 in March of 1981 when the Iraq-Iran war started.  In other words, the cost of gas today is more than it was in the 70's after you adjust for inflation.

Answer 5

It has doubled in less than four years.

Answer 6

actually, yes. in fact, they have exactly doubled. i remember back in 2003 it was about $1.90 a gallon. now its about $4.00, at least in SoCal.

http://seekingalpha.com/article/76012-th...

http://www.cattlenetwork.com/content.asp...

http://www.marketoracle.co.uk/Article451...

Answer 7

This graph shows historical gas prices in 2008 dollars (inflation adjusted).  Bush and Cheney have presided over the longest, steepest increase in gas prices in history.

http://zfacts.com/p/35.html