From The Wall Street Journal, Economy, "
Gas Prices Shoot Up at Fastest Rate on Record: Prices for gasoline have soared across the U.S., but filling up isn’t so pricey historically after taking inflation and fuel-economy improvements into account" by Kara Dapena:
These elevated gas prices sting a little less than they did in the early ’80s, when inflation-adjusted prices were similar, because vehicles have become more fuel efficient. In 1980, new passenger vehicles got an average estimated 19 miles to the gallon, according to the Environmental Protection Agency. New vehicles today get about 25 miles to the gallon.
So, while gas prices in 1980 and in March of this year are similar after adjusting for inflation, drivers need 25% less gas to travel the same distance today as was needed then.
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