The price of gasoline has fluctuated over the years and has in the last decade 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. Average gasoline price in 2018 was $2.74.
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, April 2019 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.