Ohio gas prices hit a record in 2022. But 2008 was costlier after inflation

CLEVELAND, Ohio — Cleveland-area gasoline prices are again approaching $4 a gallon, but they remain more than $1 below the record set during the fuel-price surge in June 2022.

The average for regular gasoline in the Cleveland-Lorain-Elyria area reached $3.92 a gallon on Wednesday, July 22, according to AAA. That was up from $3.88 on Tuesday and about 10 cents higher than a week earlier. The Cleveland-area average remained about 13 cents below the national average of $4.06 and 4 cents above Ohio’s statewide average of $3.88.

The increase extends a trend documented in a July 2026 cleveland.com report on rising Northeast Ohio and national gasoline prices. AAA attributed the national increase to instability along the Strait of Hormuz and crude oil prices approaching $80 a barrel.

AAA’s historical tracker lists Ohio’s record statewide average at $5.07 on June 9, 2022. The Cleveland-Lorain-Elyria area reached a separate record of $5.06 the same day.

Cleveland came close to that record earlier this year. The U.S. Energy Information Administration’s weekly Cleveland data show regular gasoline reached $4.87 on May 4, only about 18 cents below the agency’s June 2022 peak.

The Cleveland average then fell $1.20 to $3.67 by July 6 before climbing to $3.89 by July 20. AAA reported in June that pump prices declined as crude oil prices fell and an agreement was reached to reopen the Strait of Hormuz. Renewed instability along the shipping route contributed to the subsequent increase, according to AAA.

Gasoline prices are primarily shaped by crude oil costs, refinery expenses and profit margins, distribution and retail costs and taxes. The EIA says crude oil is generally the largest component of the retail price.

In dollars displayed at gas stations, 2022 remains the record. Adjusting prices for inflation, however, shows that Ohio drivers faced a more expensive gasoline market in 2008.

Why 2008 was more expensive after inflation

The EIA’s monthly Ohio data show regular gasoline averaged nearly $3.99 a gallon in June 2008. The statewide monthly average reached about $4.90 in June 2022.

Using the U.S. Bureau of Labor Statistics’ Consumer Price Index to express both prices in June 2026 dollars changes the comparison.

Based on the unrounded gasoline prices and CPI figures, Ohio’s June 2008 average equates to about $6.08 a gallon in June 2026 dollars. The June 2022 average equates to about $5.52.

The CPI measures changes in the prices paid by consumers and can be used to compare the purchasing power of a dollar over time. The calculation reflects overall inflation rather than changes in gasoline prices alone.

Cleveland’s weekly figures show the same pattern.

Regular gasoline reached $4.03 in Cleveland on July 14, 2008. Using the July 2008 CPI, that price equates to about $6.12 in June 2026 dollars. Cleveland’s June 2022 weekly peak of $5.05 equates to about $5.69.

For a 15-gallon tank, the inflation-adjusted cost was about $91.78 at the 2008 peak and $85.32 at the 2022 peak. A 15-gallon fill-up at Wednesday’s Cleveland-area average would cost about $58.89.

AAA and the EIA report slightly different record figures because they use different collection methods. AAA updates its averages daily using Oil Price Information Service data from as many as 120,000 stations, while the EIA surveys about 1,000 retail stations each Monday.

The available EIA Ohio and Cleveland data begin in 2003. The figures therefore represent records within the available series, not a complete accounting of every gasoline price charged in Ohio history.

Different causes behind the peaks

In 2008, oil and gasoline prices increased as worldwide petroleum demand grew relative to available supply. Cleveland gasoline remained near $4 through July before falling rapidly as the financial crisis weakened the economy and reduced fuel demand.

By Dec. 29, 2008, Cleveland’s weekly average had fallen to $1.61 a gallon, a decline of about 60% from its July peak.

The 2022 increase followed the recovery in travel and fuel demand after the COVID-19 downturn. Russia’s invasion of Ukraine then increased uncertainty about global oil supplies and sent crude prices higher.

Gasoline prices declined during the second half of 2022 as fuel demand and oil prices weakened. Cleveland’s weekly average fell below $4 by August and below $3 by mid-December.

June 2022 remains Ohio’s record for the highest average price displayed at the pump. Adjusted for changes in purchasing power, the summer of 2008 remains the more expensive benchmark in the available federal data.

©2026 Advance Local Media LLC. Visit cleveland.com. Distributed by Tribune Content Agency, LLC.