This week, gas prices in Hawaii have reached an all-time high.

On April 27, AAA’s Daily Fuel Gauge Report stated that the average regular unleaded price for gas in the Aloha State was $4.55. In Hana on Maui Wednesday, regular cost $6.03, plus was $6.14 and super was $6.25.

Reports of rising fuel costs have made the rounds in local and national media. Hawaii Gov. Neil Abercrombie even spoke about the problem in his Monday public address, saying “Gas prices are higher than ever.”

But have Hawaii’s fuel costs really risen above historical peaks? Things were pretty bad in the 70’s and early 80’s — does the claim still stand when you adjust prices for inflation?

The answer: Yep.

Two of the best-known gas hikes occurred in the wake of the 1973 oil embargo and in 1981, when Iraq invaded Iran.

According to the U.S. Energy Information Administration, the average price for a gallon of “leaded regular” gas in 1973 was $0.39. In 1974, that number jumped to $0.53, a $0.14 increase. (Prior to that, in the 24 years between 1949 and 1973, gas costs increased by only $0.12.)

In today’s dollars, using the Bureau of Labor Statistic’s Consumer Price Index Inflation Calculator, that 1974 gallon of gas would cost $2.40. That’s well below $4.55.

The average cost of a gallon of gas in 1981, the Energy Information Administration says was $1.31. In today’s dollars, that would be $3.22.

Depressing as it may be, gas prices really are the highest they’ve ever been.