What Was the Highest Gas Price in US History?

There are a variety of gas apps out there to help you make an informed decision about where to fill up your tank next. Popular apps like GasBuddy, Waze and Google Maps are free and https://www.forexbox.info/exchange-rate-british-pound-to-us-dollar-currency/ show gas prices in real-time via a map directly in the app. Keep in mind, the summer travel season is just getting underway, which means months of high gasoline demand lie ahead.

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If the supply is down and the demand is high, prices increase. If the demand is low and the supply solid, prices tend to fall. The national average state tax for gasoline is 31.67 cents per gallon. The highest average gas price was $3.64 in 2012, which is 167% more expensive than a decade earlier. Skyrocketing gas prices in the U.S. brought economic pain in early June 2022, with more than a dozen states surpassing $5 as an average price per gallon. The national gas price average was $4.96, rounded up to the nearest cent, per the American Automobile Association (AAA).

  1. Therefore, constrained supply and rising demand for gasoline have made people suffer a lot these years.
  2. Usually, gasoline is shipped from refineries to the terminal in an area which is then transferred to the gas stations in that Pacific area.
  3. As it stands, the average price for a gallon of gasoline in the United States right now is $4.865, according to AAA.

Energy Information Administration’s (EIA) forecast for average annual prices for 2023 and 2024 in the February 2023 Short-Term Energy Outlook. Hopefully, they will regulate back down, but if not it will be interesting to see what everyone comes up with for alternative transportation. In 2014, the gas price was at its peak at a rate of $3.62 per gallon. The prices fell to $2.43 per gallon in 2015 and $2.14 in 2016.

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Compared to the previous years, in 2019, gas stations charged $2.6 USD per gallon. However, in 2020,  the price was 2.17, which means the price went down by a total of 17%. Typically, gas costs less during the winter months when drivers are less likely to be on the road. Similarly, prices tend to rise during the spring and summer months when more drivers are on the road. In a Gas Buddy study, 19 states had the highest gas prices at the end of the work week.

The chart below shows the average gasoline cost per year based on adjusted inflation in 2020. In the last five years, the price of gas has remained steady between $2.74 and $3.29 per gallon. Gas apps are arguably the easiest way to find cheap gas near you.

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For example, in 2000, the average gas price was over $1.50 per gallon more than in 2008. Despite the high gas price, many people continue to rely on their vehicles as their main mode of transportation. Although few refiners operate or own retail outlets, few individual businesses purchase gasoline from marketers and refiners and sell it to the public. The gas price also changes based on the marketing strategy used by the gas station owners. For example, if the other gas stations in the area are charging high, they would keep their price lower to bring more people in. Marketing, distribution, and retail dealer costs also affect the price of gas.

The per gallon average reached $4.96, with California drivers paying the most.

Since then, the share of disposable personal income allocated to gasoline expenditures has generally declined, albeit with a significant amount of volatility in the series. According to the US Energy Information Administration, the highest gas price was recorded on July 16, 2008, reaching $4.10 USD per gallon. But, this was not a global high – gas prices were much higher in some countries. The highest gas price ever recorded was in Venezuela, where it reached $7.50 per gallon in 2013. However, with the current global oil prices, it is unlikely that gas prices will reach these levels again in the near future.

Still, the EIA predicted that the average U.S. household would spend roughly $450 more for gas in 2022 compared to 2021, on an inflation-adjusted basis. Forget road trips, just driving to the office is getting pretty steep. Gas https://www.day-trading.info/best-penny-stock-trading-apps-of-2021/ prices have been the point of contention for auto owners around the world, but here in the United States, they have felt particularly spicy as of late. No matter which state you live in, you no doubt have felt the sting.

Two ways to compare current gasoline prices with historical prices are by the nominal price or the real price. The graph below shows the average annual nominal the most powerful and profitable forex strategy and real prices of retail regular-grade gasoline from 1976 through 2024. The real prices are based on the value of the U.S. dollar in January 2023.

The new high eclipses the previous record of $4.103 set in 2008. The average price of gasoline spiked to $1.353 a gallon that year — up from $1.221 in 1980 and more than double the price just three years earlier. Adjusted for inflation, the average price of gas in 1981 would have equaled $2.421 a gallon in 2020. Adjusting the price for inflation will give you an idea about the actual growth or seasonal fluctuation in the cost of gas.

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