Using core CPI, Cleveland Fed nowcasts for June, and July, as of 7/7.

Figure 1: Price of gasoline, all formulations (black), and of gasoline, unleaded (blue), in 2020$, using core CPI as deflator. NBER defined peak-to-trough recession dates shaded gray. July observation uses gasoline prices through 7/4. June, July observations use Cleveland Fed nowcasts for core CPI as of 7/7. Source: EIA via FRED, BLS, Cleveland Fed.

Gasoline prices are high in relative terms, but not at record highs. That was in 2008.

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