Chart of the day

Via Eric Morris

In other words, there has been a long-term downward trend in inflation-adjusted gas prices pretty much since we started using the stuff. I blame speculators and greedy oil companies!

Update: Here is a chart that runs through 2009:

While we are in the midst of a run-up that began in about 2002, it's worth noting that prices also spiked from about 1973-1982 before reverting to the longer-term trend. That period also coincided with much political instability in the Middle East (Yom Kippur War, Lebanon invasion, Iran revolution) and we may be witnessing the same dynamic at play now.