Average gasoline and diesel prices in the U.S. 2022-2024

The average price for regular gasoline in the United States stood at 3.68 U.S. dollars per gallon on April 22, 2024. This compared to a diesel price of 4.03 U.S. dollars per gallon. Prices have increased slightly in April as crude oil benchmarks also rose following anticipated supply disruptions due to an escalating geopolitical conflict in the Middle East.

Real price surge of 2022 and 2023 still below 2011 to 2014 prices

When looking at the real price of gasoline over time, U.S. drivers had to pay notably more in the years between 2011 and 2014. The surge in prices noted throughout 2022 and partly for 2023, which followed supply constraints, was still lower in terms of real U.S. dollars.

U.S. on lower-end spectrum of worldwide motor fuel prices

The U.S. has some of the lowest conventional motor fuel prices in the world. Although fuel prices are usually higher in high-income countries, the U.S. profits from its position as the world’s largest crude oil producer and can keep retail prices for oil products comparatively low. For example, among high-income countries, prices for automotive premium gasoline (RON 95) were only lower in Russia and Saudi Arabia - countries where crude oil and oil product exports are in part restricted by sanctions, thus keeping domestic supply high.