SUBSCRIBE to the Fact of the Week
The average annual price of gasoline in the United States decreased for the fourth consecutive year in 2016. The price of gasoline has fluctuated over the years, and has recently experienced sharp increases and decreases. Gasoline prices increased in the wake of the 1973 and 1979 oil crises, with the price of gasoline peaking in 1982. From 2002 to 2008 the price rose substantially, but then fell sharply in 2009 during the economic recession. In 2012, prices reached their highest level in both current and constant dollars, but began a steep decline thereafter. A gallon of gasoline in 2016 was 27 cents lower than in 1929 when adjusted for inflation.
Average Historical Annual Gasoline Pump Price, 1929-2016
Notes: Retail price includes federal and state taxes. Price is for regular leaded gasoline until 1990 and for regular unleaded gasoline thereafter. Adjusted for inflation by the Gross Domestic Product Implicit Price Deflator.
Sources: Energy Information Administration, May 2017 Monthly Energy Review, Table 9.4.
Bureau of Economic Analysis, National Income and Product Accounts, Implicit Price Deflators for Gross Domestic Product, Table 1.1.9.