U.S. gas prices aren’t quite at record highs, if you account for inflation, but soaring oil costs could change that soon

On Tuesday, the price of a gallon of regular gasoline broke a 14-year record in the U.S., according to the American Automobile Association (AAA), as the national average gas price soared past its previous peak of $4.144 per gallon, set in July 2008, and continued rising to hit $4.318 per gallon on Thursday.

Russia's invasion of Ukraine has disrupted an already tight oil market, where prices have increased on the back of a post-COVID economic rebound. But calling current gas prices a “record-high” isn’t really comparing like-with-like. If you account for inflation, gas prices still have a while to go before they break the 2008 record.

Adjusted for inflation the real cost of a gallon of gas from July 2008 shoots up to $5.37 in today's dollars—well above the current cost of $4.318 per gallon.