Gas Prices by Year: 1950–2026 Full History

01 Introduction

U.S. gasoline has averaged $3.72 per gallon so far in 2026 (January through early August), up sharply from $3.10 in 2025, though still below the record annual average of $3.95 in 2022 and the all-time weekly peak of $5.01 per gallon in June 2022. Gasoline prices are among the most visible and closely watched consumer costs in the United States. The U.S. Energy Information Administration (EIA) has tracked weekly retail gasoline prices since 1993, providing a detailed record of how pump prices have moved over more than three decades. This article presents the complete year-by-year U.S. gasoline price history from 1950 through 2026, highlighting major price events, inflation-adjusted trends, and the underlying factors that drive long-term price movements.

Understanding gasoline price history helps drivers contextualize current prices and plan for future fuel costs. While short-term price movements are unpredictable, long-term patterns reveal the structural forces that shape what Americans pay at the pump.

02 25-Year Price Timeline

The following table presents annual average retail prices for regular gasoline in the United States from 2000 through 2026. Prices represent the national average for all formulations as reported by the EIA.

03 Year-by-Year Prices

For readers looking for a specific year, the table below lists the U.S. national average retail price of regular gasoline for every year from 1950 through 2026, in nominal (not inflation-adjusted) dollars, alongside the year-over-year percentage change. These are the same annual figures used throughout this article, combining the DOE Alternative Fuels Data Center's 1950–2023 series (itself sourced from the EIA's Monthly Energy Review) with the EIA's Regular All Formulations annual series for 2024 through 2026.

04 Key Price Points

Four price points stand out in the 25-year record, each reflecting a distinct economic and geopolitical context:

December 1998: ~$0.94/gallon. The Asian financial crisis of 1997-98 collapsed global oil demand while OPEC maintained high production. Crude oil dropped below $12 per barrel, pulling gasoline to its lowest level in our EIA weekly data (which begins in 1990). Adjusted for inflation, $0.94 in 1998 is equivalent to roughly $1.76 in 2023 dollars.

July 2008: ~$4.11/gallon. A confluence of surging global demand (especially from China), supply constraints, and speculative activity pushed crude oil above $145 per barrel. Gasoline peaked at $4.11 nationally before the financial crisis drove prices back below $1.70 by December 2008.

April 2020: ~$1.77/gallon. The COVID-19 pandemic caused the sharpest demand drop in modern history. U.S. gasoline consumption fell by roughly 40-50% in April 2020. WTI crude oil briefly traded at negative values (-$37/barrel) on April 20, 2020. Retail gasoline averaged about $1.77 nationally.

June 2022: ~$5.01/gallon. Post-pandemic demand recovery combined with global supply disruptions pushed gasoline to its all-time nominal high. The national average exceeded $5.00 per gallon for the first time in recorded EIA data.

05 Inflation-Adjusted Prices

Nominal prices do not account for the declining purchasing power of the dollar. When adjusted for inflation using the Bureau of Labor Statistics Consumer Price Index (CPI), the gasoline price picture changes significantly, and the results go back further than the 25-year window above. DOE's Alternative Fuels Data Center publishes an annual U.S. gasoline price series back to 1950, with a BLS CPI-based inflation adjuster for each year, which is the basis for the table below (re-based to 2023 dollars, the most recent year in that series).

On a full-year-average basis, 2012 was actually the most expensive year for gasoline in real terms: $4.88 per gallon in 2023 dollars, narrowly ahead of 2008's $4.77. That's a different answer than looking at single-week peaks: July 2008 briefly hit a higher price than any single week in 2012, but 2012's prices stayed elevated all year (driven by sustained Middle East supply concerns and a strong dollar-adjusted crude price), while 2008's high nominal price collapsed within months as the financial crisis hit. Measured as an annual average, sustained high prices in 2012 edged out the sharper but shorter 2008 spike.

06 What Drives Long-Term Trends

According to EIA data, the retail price of gasoline is determined by four main components, with their approximate long-term average shares:

• Crude oil costs: ~50-60% of the pump price. This is the single largest component and the primary driver of price swings.
• Refining costs and profits: ~10-18%. Refinery outages, seasonal blend changes, and capacity constraints affect this share.
• Distribution and marketing: ~12-18%. Pipeline, trucking, and retail station costs are relatively stable.
• Federal and state taxes: ~12-18%. The federal excise tax of $0.184/gallon has not changed since 1993. State taxes vary widely.

Over the 25-year period, the dominant pattern is clear: gasoline prices track crude oil prices with a typical lag of 2-6 weeks. Global events that disrupt oil supply or demand, including geopolitical conflicts, OPEC production decisions, economic recessions, pandemics, and the growth of U.S. shale production, are the primary forces shaping long-term gasoline price trends.

The U.S. shale revolution, which ramped up significantly after 2010, added enough domestic oil production to shift the U.S. from a net importer to a net exporter of petroleum products. This structural change has generally moderated gasoline price spikes compared to earlier decades, though the U.S. remains connected to global oil markets.

07 Impact on Annual Fuel Spending

To illustrate how these price changes affect actual driving costs, the table below shows the annual fuel cost for a vehicle averaging 25 MPG and driving 12,000 miles per year at various historical price points.

The difference between the lowest and highest historical prices translates to a range of roughly $500 to $2,400 per year in fuel spending for the same vehicle. This nearly 5x variation underscores why gasoline prices have such a significant impact on household budgets, and why fuel-efficient vehicles provide more consistent cost protection against price volatility.

08 Data Sources

1. U.S. Energy Information Administration: Weekly Retail Gasoline and Diesel Prices, U.S. Regular All Formulations (1993-present). eia.gov
2. U.S. Energy Information Administration: What We Pay for in a Gallon of Regular Gasoline. eia.gov
3. Bureau of Labor Statistics: CPI Inflation Calculator and CPI-U Historical Data. bls.gov
4. U.S. Energy Information Administration: Short-Term Energy Outlook (STEO). eia.gov
5. DOE: Alternative Fuels Data Center, Average Annual Retail Price of Gasoline, 1950–2023 (sourced from EIA Monthly Energy Review, Table 9.4, with BLS CPI-based inflation adjustment). afdc.energy.gov