September 21, 2012:  Gasoline Prices adjusted for inflation are down from their recent highs.  A slowing global economy plus new supply in the US has helped keep a lid on oil prices.  A refinery fire in California has helped keep prices higher than they might otherwise be given the cost of oil is much further below its all time high.    Inflation Adjusted Oil Prices  and Crude Oil Prices
 
From Chartoftheday.com¹

Today's chart provides some long-term perspective in regards to gasoline prices by presenting the inflation-adjusted US price of one gallon of gasoline since 1980. There are a couple points of interest from today's chart. For one, Middle East crises are often associated with major swings in the price of gasoline. Also, gasoline price spikes have often occurred prior to an economic downturn. Both those issues are in play today. Middle East instability (e.g. Arab spring) and Middle East tensions (e.g. Iran) are ongoing. Also, the inflation-adjusted US price for a gallon of unleaded is up over $0.50 since the end of June and has rarely been higher than current levels.