- The U.S. average gasoline price rose from $2.925 to $4.211 per gallon between early January and early August 2026, a 44% increase — the second-largest January-to-August jump since 1994.
- Prices didn't rise in a straight line: they climbed to a peak of $4.628 on May 11 (up 58% from January), pulled back 15% by early July, then climbed again into August.
- Gasoline inventories fell 13.4% and crude oil inventories fell 14.5% over the same period, while gasoline demand rose 10.5% as summer driving season took hold.
- The increase hit some regions much harder than others: the Rocky Mountain region rose 55.5%, while the already-expensive West Coast rose just 24.8%.
These are national averages—your actual fuel cost depends on your specific vehicle and location.
Calculate Your Exact Cost01 The 2026 Price Spike: What Happened
The national average retail price of gasoline (all grades, all formulations) opened 2026 at $2.925 per gallon the first week of January. By the first week of August, it stood at $4.211—a increase of 44.0% in seven months.
U.S. Energy Information Administration, Weekly U.S. All Grades All Formulations Retail Gasoline Prices, week of Jan. 5, 2026 and week of Aug. 3, 2026The rise was not steady. Prices held close to $3.00 through February, then began climbing sharply in March, reaching a peak of $4.628 on May 11—58% above the January level. Prices then retreated through June, falling 15.5% to a local low of $3.911 on July 6, before climbing again through July and into early August.
U.S. Energy Information Administration, Weekly U.S. All Grades All Formulations Retail Gasoline Prices, weekly series, January–August 202602 How Unusual Is This?
A gasoline price increase from January to August is not itself unusual—prices typically rise through the year as winter-blend fuel gives way to more expensive summer-blend gasoline and driving season increases demand. Since 1994, the median January-to-August change has been +15.3%. But 2026's 44.0% increase is far outside that typical range: it is the second-largest January-to-August jump in the 33 years since 1994, behind only 2009's 55.4% (a rebound from the 2008 financial-crisis price collapse).
Calculated from U.S. Energy Information Administration, Weekly U.S. All Grades All Formulations Retail Gasoline Prices, 1994–2026. Comparison uses the first available weekly price in January and August of each year.| Rank | Year | Jan-to-Aug Change |
|---|---|---|
| 1 | 2009 | +55.4% |
| 2 | 2026 | +44.0% |
| 3 | 2021 | +39.9% |
| 4 | 2005 | +31.2% |
| 5 | 2006 | +30.0% |
| 6 | 1999 | +27.5% |
| 7 | 2002 | +24.7% |
| 8 | 2008 | +24.6% |
| 9 | 2004 | +23.7% |
| 10 | 2007 | +22.7% |
The other two years at the top of this list—2009 and 2021—were both sharp demand-recovery years following a major economic shock (the 2008 financial crisis and the 2020 COVID-19 recession, respectively). 2026 is the first time in over 30 years that an increase of this size has occurred without a preceding price collapse of similar magnitude the year before.
Calculated from the same 1994–2026 EIA weekly price series; comparison of 2008–2009 and 2020–2021 year-over-year price levels.03 What's Driving It: Supply and Demand
Two things happened at the same time. On the supply side, U.S. gasoline inventories fell from 242.0 million barrels in early January to 209.7 million barrels by the end of July—a decline of 13.4%. Crude oil inventories fell even more, down 14.5% over the same period, from 832.5 million to 711.8 million barrels. On the demand side, gasoline product supplied (the EIA's proxy for consumption) rose from 8.17 million barrels per day in early January to 9.03 million barrels per day by late July, an increase of 10.5% as summer driving season took hold.
U.S. Energy Information Administration, Weekly U.S. Ending Stocks of Total Gasoline; Weekly U.S. Ending Stocks of Crude Oil (excluding SPR); Weekly U.S. Product Supplied of Finished Motor Gasoline. Comparison of week of Jan. 2, 2026 to week of Jul. 31, 2026 (the most recent data available at time of writing).Inventories did not fall in a straight line either. Gasoline stocks actually rose slightly through January and early February (peaking at 107% of the January level) before beginning a sustained decline from March onward—almost exactly when prices began their steep climb. Crude stocks followed a similar pattern with roughly a one-month lag, peaking in early April before falling through the summer.
U.S. Energy Information Administration, Weekly U.S. Ending Stocks of Total Gasoline and Crude Oil, full weekly series, January–July 2026Want to see exactly how gas prices affect your own annual cost?
Use the Calculator04 Regional Impact
The national 38.9% increase (measured on the week-of-Feb-23-to-week-of-Aug-3 basis used for our state and regional price tracking, slightly different from the January start date used above) was not evenly distributed. The Rocky Mountain region, which started among the cheapest in the country, saw by far the largest percentage increase. The West Coast, already the most expensive region before the spike, saw the smallest percentage increase—though it remains the most expensive region in absolute terms.
Calculated from U.S. Energy Information Administration, Weekly Retail Gasoline Prices by PADD District, week of Feb. 23, 2026 vs. week of Aug. 3, 2026| Region | Feb 2026 | Aug 2026 | Change |
|---|---|---|---|
| Rocky Mountain (PADD 4) | $2.662 | $4.139 | +55.5% |
| Midwest (PADD 2) | $2.675 | $3.929 | +46.9% |
| Gulf Coast (PADD 3) | $2.532 | $3.604 | +42.3% |
| East Coast (PADD 1) | $2.834 | $3.944 | +39.2% |
| U.S. National Average | $2.937 | $4.079 | +38.9% |
| West Coast (PADD 5) | $4.111 | $5.130 | +24.8% |
One likely reason the Rocky Mountain region saw the sharpest relative increase: it started from a low base with less built-in buffer from local refining capacity relative to demand, so the same absolute supply tightening translates into a larger percentage move. The West Coast's smaller percentage increase, despite remaining the most expensive region overall, is consistent with its price already reflecting persistent structural factors (CARB fuel requirements, limited pipeline connections) that don't compound with a national supply shock the same way.
Regional structural factors as described in our Why Gas Prices Vary by Region analysis; this paragraph is interpretive, not a separately measured government statistic.05 What Happens Next
This article looks backward at what already happened and why, using inventory and price data through early August 2026. For a forward-looking view of where prices may head through the rest of 2026 and into 2027, based on the EIA's own official short-term forecast, see our U.S. Gasoline Price Forecast, 2026-2027, which draws on the EIA's Short-Term Energy Outlook rather than the historical inventory data used here.
Cross-reference to EIA Short-Term Energy Outlook, as covered in gas-price-forecast-2026-2027.html06 Data Sources
- U.S. Energy Information Administration: Weekly Retail Gasoline and Diesel Prices (all grades, all formulations, and by PADD district), 1994–2026. eia.gov
- U.S. Energy Information Administration: Weekly U.S. Ending Stocks of Crude Oil and Petroleum Products. eia.gov
- U.S. Energy Information Administration: Weekly U.S. Product Supplied of Petroleum Products. eia.gov