Fact Check: Inflation-adjusted gasoline prices averaged 3.68 per gallon in June 2021.

Fact Check: "Inflation-adjusted gasoline prices averaged $3.68 per gallon in June 2021."

What We Know

The claim states that inflation-adjusted gasoline prices averaged $3.68 per gallon in June 2021. To evaluate this, we need to look at historical gasoline prices and inflation adjustments.

According to the U.S. Energy Information Administration (EIA), the average retail price of gasoline in the U.S. for June 2021 was approximately $3.38 per gallon. However, this figure does not account for inflation adjustments. The Average Annual Retail Fuel Price of Gasoline provides a historical perspective on gasoline prices, indicating that inflation-adjusted prices can differ significantly from nominal prices.

The inflation-adjusted prices can be calculated using various inflation indices, such as the Consumer Price Index (CPI). The U.S. Inflation Calculator suggests that the inflation-adjusted price for gasoline in June 2021 could be higher than the nominal price, but specific calculations would be needed to determine if it reaches $3.68.

Analysis

To assess the validity of the claim, we must consider both the nominal price and the inflation-adjusted price. The nominal price of $3.38 per gallon is documented by the EIA, which is a reliable source for energy statistics. However, the claim of $3.68 requires an inflation adjustment, which can vary based on the method and index used.

The Average Annual Retail Fuel Price of Gasoline shows trends in gasoline prices, but does not provide a direct inflation-adjusted figure for June 2021. The U.S. Inflation Calculator indicates that adjusting for inflation could yield a price close to the claimed $3.68, but it does not confirm it definitively. This suggests that while the claim could be plausible, it lacks direct evidence from a reliable source that explicitly states the inflation-adjusted price as $3.68.

Moreover, the reliability of the sources used to calculate inflation adjustments can vary. The EIA is a credible source for gasoline prices, while the U.S. Inflation Calculator is useful but may not always reflect the most precise adjustments depending on the inflation index used.

Conclusion

The claim that inflation-adjusted gasoline prices averaged $3.68 per gallon in June 2021 is Unverified. While the nominal price of gasoline was approximately $3.38, the inflation-adjusted figure is not definitively confirmed by credible sources. The potential for the adjusted price to be close to $3.68 exists, but without explicit evidence, the claim remains unverified.

Sources

1. Inflation and price indices - Office for National Statistics
2. Average Annual Retail Fuel Price of Gasoline
3. U.S. All Grades All Formulations Retail Gasoline Prices
4. Consumer price inflation, UK - Office for National Statistics
5. Weekly U.S. Regular All Formulations Retail Gasoline Prices
6. Consumer price inflation, UK
7. CPIH ANNUAL RATE 00: ALL ITEMS 2015=100 - Office for National Statistics
8. Gasoline Prices Adjusted for Inflation