U.S. gasoline prices decreased across all major grades between July and August 2024. Regular gasoline prices fell to an average of 3.39 U.S. dollars per gallon in August. The net decrease noted throughout winter 2023/24 was a reflection of production levels being able to meet lowered demand outlooks. In the period of consideration, gasoline prices reached their highest level in August 2022 when sanctions on Russian energy imports led to supply constraints.
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 August 2022 to August 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
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
Aug '22
4.09
3.98
3.82
4.49
4.81
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EIA. (September 9, 2024). Monthly retail price of gasoline in the United States from August 2022 to August 2024, by fuel grade (in U.S. dollars per gallon) [Graph]. In Statista. Retrieved September 26, 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 August 2022 to August 2024, by fuel grade (in U.S. dollars per gallon)." Chart. September 9, 2024. Statista. Accessed September 26, 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 August 2022 to August 2024, by fuel grade (in U.S. dollars per gallon). Statista. Statista Inc.. Accessed: September 26, 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 August 2022 to August 2024, by Fuel Grade (in U.S. Dollars per Gallon)." Statista, Statista Inc., 9 Sep 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 August 2022 to August 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 September 26, 2024)
Monthly retail price of gasoline in the United States from August 2022 to August 2024, by fuel grade (in U.S. dollars per gallon) [Graph], EIA, September 9, 2024. [Online]. Available: https://www.statista.com/statistics/204133/retail-prices-of-motor-fuel-in-the-united-states-since-2009/