When adjusted for inflation, average nationwide monthly gasoline prices have been below $4 per gallon since November of 2022 and were well below the most recent peak of $5.09/gallon in June 2022.
July 3, 2023
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When adjusted for inflation, average nationwide monthly gasoline prices have been below $4 per gallon since November of 2022 and were well below the most recent peak of $5.09/gallon in June 2022. Gasoline prices have traditionally fluctuated, but in the last 20 years the fluctuations have been more dramatic. The monthly average gasoline price was highest in July 2008 at $5.51.
Note: Gasoline price includes taxes and is adjusted by the Bureau of Labor Statistics’ Consumer Price Inflation Index.
Source: Energy Information Administration, Monthly Energy Review, April 2022, Table 9.4