| Year Retail Gasoline Price (Current dollars/gallon) Retail Gasoline Price (Constant 2015 dollars/gallon) | 2011 3.53 3.75 | 2012 3.64 3.80 | 2013 3.53 3.62 | 2014 3.37 3.40 |
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2015 was different. In light of plummeting crude oil prices, U.S. regular retail prices of gasoline fell to 2.43 in 2015 and a record low of 2.14 in 2016.
| Year Jan Dec | 2014 3.313 2.543 | 2015 2.116 2.038 | 2016 1.949 2.254 | 2017 2.349 2.477 |
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| ¢/L Annual (National Average) | 2011 2010 | Gasoline 124.0 103.6 | Diesel 124.7 100.8 | Furnace Oil 113.0 88.8 |
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The last time the average price of gas was less than $2 was 15 years ago, in 2004. The average price of gas then was $1.88.
According to the U.S. Energy Information Administration (EIA), regular retail gasoline prices averaged $2.17 per gallon in the United States in 2020 — 44 cents per gallon, or 17 percent, lower than in 2019.
| Year Retail Gasoline Price (Current dollars/gallon) Retail Gasoline Price (Constant 2015 dollars/gallon) | 1980 1.19 2.95 | 1981 1.31 2.97 | 1982 1.22 2.60 | 1983 1.16 2.37 |
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| Year Retail Gasoline Price (Current dollars/gallon) Retail Gasoline Price (Constant 2015 dollars/gallon) | 1998 1.06 1.43 | 1999 1.17 1.55 | 2000 1.51 1.97 | 2001 1.46 1.86 |
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| Value from 1 Year Ago 3.174 | Change from 1 Year Ago 35.79% | Frequency Monthly | Unit USD per Gallon | Adjustment N/A |
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The price of gasoline is made up of four factors: taxes, distribution and marketing , the cost of refining, and crude oil prices. Of these four factors, the price of crude oil accounts for nearly 70% of the price you pay at the pump, so when they fluctuate (as they often do), we see the effects.
| Year Gasoline Price (Current dollars/gallon) Gasoline Price (Constant 2011 dollars/gallon) | 1950 0.27 2.07 | 1951 0.27 1.93 | 1952 0.27 1.93 | 1953 0.27 1.92 |
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The average price of gasoline in the United States increased 6 cents to $3.17 . On March 1, 2011, a significant drop in Libyan production and fears of more instability in other countries pushed the price of oil over $100 a barrel in New York trading, while the average price of gas reached $3.37.
Higher gasoline and diesel prices mostly reflected higher crude oil prices , which rose in 2011 in response to the disruption in Libya’s oil production and expected stronger oil demand as the global economy improved.
| March 2020: Average Price ($ per gallon) of Regular Gasoline | AD43 (Friedman-D) $3.40 |
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In June 2008 U.S. energy secretary Samuel Bodman said that insufficient oil production , not financial speculation, was driving rising crude prices. He said that oil production had not kept pace with growing demand.
The average price has exceeded $4 because of “ the continued recovery of fuel demand in Southern California and anticipation that demand will only grow once more pandemic-related restrictions are lifted” and oil prices continuing to stay at higher levels , which adds to the cost of producing gasoline, according to Marie ...
David is an automotive enthusiast and writer covering cars, motorcycles, and all types of vehicles with practical maintenance tips.