U.S. gasoline prices decreased across all major grades in September 2024. Regular gasoline prices fell to an average of 3.21 U.S. dollars per gallon in August. The net decrease noted throughout winter 2023/24 was a reflection of lowered demand outlooks. In the period of consideration, gasoline prices reached their highest level in September 2023.
Differences in fuel grades
Fuel grades at U.S. gas stations are differentiated by octane level. Higher grade fuels have higher octane levels, meaning that the fuel can be compressed more in the engine. This enables high-performance engines to create more power. Fuel may also vary from state to state and pump to pump. Some cities also have regulations on gasoline in order to improve air quality. Bioethanol is added to gasoline in some cases to meet the renewable fuel standard. Gasoline-run engines are able to run on blends with a bioethanol percentage of up to 25 percent.
Gasoline prices reach historic high
Primarily a result of the Russia-Ukraine war and inflation, the annual retail price of gasoline reached a new historic high in 2022, climbing to nearly four U.S. dollars per gallon. In the span of two years, average prices almost doubled.
Monthly retail price of gasoline in the United States from September 2022 to September 2024, by fuel grade
(in U.S. dollars per gallon)
Characteristic
All grades all formulations retail gasoline price
Regular all formulations retail gasoline price
Regular conventional retail gasoline price
Midgrade all formulations retail gasoline price
Premium all formulations retail gasoline price
Sep '24
3.34
3.21
3.11
3.77
4.13
Aug '24
3.51
3.39
3.3
3.91
4.26
Jul '24
3.6
3.48
3.38
4
4.35
Jun '24
3.58
3.46
3.33
3.99
4.35
May '24
3.73
3.6
3.46
4.15
4.51
Apr '24
3.73
3.61
3.47
4.15
4.51
Mar '24
3.54
3.43
3.32
3.94
4.29
Feb '24
3.33
3.21
3.1
3.73
4.08
Jan '24
3.2
3.08
2.96
3.62
3.97
Dec '23
3.26
3.13
3.01
3.69
4.04
Nov '23
3.44
3.32
3.17
3.88
4.24
Oct '23
3.74
3.61
3.44
4.21
4.56
Sep '23
3.96
3.84
3.69
4.4
4.73
Aug '23
3.95
3.84
3.73
4.36
4.69
Jul '23
3.71
3.6
3.48
4.12
4.44
Jun '23
3.68
3.57
3.45
4.08
4.41
May '23
3.67
3.56
3.43
4.05
4.38
Apr '23
3.71
3.6
3.49
4.08
4.41
Mar '23
3.54
3.42
3.32
3.94
4.25
Feb '23
3.5
3.39
3.3
3.9
4.22
Jan '23
3.45
3.34
3.25
3.81
4.13
Dec '22
3.32
3.21
3.08
3.72
4.05
Nov '22
3.8
3.69
3.53
4.2
4.54
Oct '22
3.94
3.82
3.64
4.37
4.7
Sep '22
3.82
3.7
3.56
4.24
4.56
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EIA. (October 11, 2024). Monthly retail price of gasoline in the United States from September 2022 to September 2024, by fuel grade (in U.S. dollars per gallon) [Graph]. In Statista. Retrieved October 31, 2024, from https://www.statista.com/statistics/204133/retail-prices-of-motor-fuel-in-the-united-states-since-2009/
EIA. "Monthly retail price of gasoline in the United States from September 2022 to September 2024, by fuel grade (in U.S. dollars per gallon)." Chart. October 11, 2024. Statista. Accessed October 31, 2024. https://www.statista.com/statistics/204133/retail-prices-of-motor-fuel-in-the-united-states-since-2009/
EIA. (2024). Monthly retail price of gasoline in the United States from September 2022 to September 2024, by fuel grade (in U.S. dollars per gallon). Statista. Statista Inc.. Accessed: October 31, 2024. https://www.statista.com/statistics/204133/retail-prices-of-motor-fuel-in-the-united-states-since-2009/
EIA. "Monthly Retail Price of Gasoline in The United States from September 2022 to September 2024, by Fuel Grade (in U.S. Dollars per Gallon)." Statista, Statista Inc., 11 Oct 2024, https://www.statista.com/statistics/204133/retail-prices-of-motor-fuel-in-the-united-states-since-2009/
EIA, Monthly retail price of gasoline in the United States from September 2022 to September 2024, by fuel grade (in U.S. dollars per gallon) Statista, https://www.statista.com/statistics/204133/retail-prices-of-motor-fuel-in-the-united-states-since-2009/ (last visited October 31, 2024)
Monthly retail price of gasoline in the United States from September 2022 to September 2024, by fuel grade (in U.S. dollars per gallon) [Graph], EIA, October 11, 2024. [Online]. Available: https://www.statista.com/statistics/204133/retail-prices-of-motor-fuel-in-the-united-states-since-2009/