Although the price of gasoline can change rapidly, the U.S. average monthly price for all grades of gasoline has been about $2–$3 per gallon since December 2014, when adjusted for inflation. Crude oil prices affect the price of gasoline, but many other factors also contribute to the often-changing price of gasoline. From 2011 to 2014, the average gasoline price hovered around $4 per gallon, adjusted for inflation. June and July 2008 marked the highest average gasoline price ($4.87 per gallon). The most recent low point for gasoline price was during April and May 2020.
Note: Adjusted by the Bureau of Labor Statistics’ Consumer Price Inflation Index.
Source: Energy Information Administration, Monthly Energy Review, June 2021, Table 9.4.