U.S.: Gas Prices, by year
per gallon
  • Region: United States
  • Time period: 1990 to 2023
  • Published: Jan 2024

Data Analysis and Insights

Updated: Mar 28, 2024 | Published by: Statistico

Highest and Lowest Gas Prices

Highest gas price was recorded in 2022 at $3.95 per gallon, while the lowest price was in 1998 at $1.03 per gallon, showcasing a significant fluctuation over the years.

Recent Trend in Gas Prices

Decrease in gas prices observed from 2022 to 2023, moving from $3.95 to $3.52 per gallon, indicating a recent downward trend.

Gas Price Volatility

Most volatile years for gas prices were between 2008 and 2009, with a sharp decline from $3.25 to $2.35 per gallon, reflecting the impact of global economic conditions.

Decade-wise Average Gas Prices

Decade of 2010s had an average gas price of approximately $2.81 per gallon, higher than the previous decades, indicating an upward trend in fuel costs over the long term.

2000s Significant Increase

2000 saw gas prices at $1.48 per gallon, which escalated to $2.27 by 2005, highlighting a substantial increase in just five years.

Stable Prices in the Late 90s

Gas prices were relatively stable during the late 1990s, with 1998 being the lowest at $1.03 and only a slight increase to $1.14 in 1999.

Notable Recovery Post-2008 Economic Downturn

After a drop in 2009 to $2.35 per gallon, prices rebounded to $2.78 in 2010, marking a recovery from the economic downturn's effects.

Comparison of Early 2000s to 2010s

Early 2000s experienced low gas prices, with 2002 having a price of $1.35, contrasted with the significant rise in prices by the 2010s.

Year-over-Year Price Changes

Year-over-year analysis shows that gas prices experienced significant fluctuations, with increases and decreases often exceeding 10% from one year to the next, underscoring the market's volatility.

Frequently Asked Questions

When was the highest gas price recorded and what was the price?

The highest gas price was recorded in 2022, at $3.95 per gallon.

What has been the recent trend in gas prices?

The recent trend shows a decrease in gas prices from $3.95 in 2022 to $3.52 per gallon in 2023.

When were gas prices most volatile and how did they change?

The most volatile years for gas prices were between 2008 and 2009, dropping from $3.25 to $2.35 per gallon.

Terms and Definitions

Gas price fluctuations refer to the constant variation in cost of gasoline due to a number of influential factors; these include supply and demand, the global political landscape, natural disasters, and decisions from organizations such as OPEC. This constant change in prices can greatly impact consumers and the economy as a whole.

Annual U.S. gas price changes are adjustments in the average cost of gasoline in the country over the course of a year. These are typically calculated by considering the average price of gas each day throughout the year and creating an overall average.

The Organization of the Petroleum Exporting Countries, or OPEC, is an international organization established in 1960 by the first five members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. They coordinate and unify petroleum policies among member countries, aiming to secure fair and stable prices for petroleum producers.

Supply and demand is an economic model that determines the price of goods and services within a market. If demand for a product exceeds the supply, prices generally rise. Conversely, if supply exceeds demand, prices typically fall.

Refinery capacity refers to the amount of crude oil that can be processed into gasoline and other products at petroleum refineries. It can impact gas prices, as lower capacity can cause a decrease in the available supply of gasoline, potentially leading to price increases.

Crude oil prices are the costs per barrel of crude oil, a natural petroleum product that is refined to produce gasoline. Changes in crude oil prices directly affect the prices of gasoline, as it is the primary raw material in its production.

Futures contracts are legal agreements to buy or sell a particular commodity at a predetermined price at a specified time in the future. These contracts affect gas prices as they are an integral part of the petroleum trade. High future prices may suggest a future scarcity of oil, leading to a current increase in gasoline prices.

Geopolitical tensions refer to conflicts between countries or regions that can affect the global oil market. They can impact oil production and shipping and, in turn, affect gas prices.
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