About This Statistic
The statistic shows the retail price of regular gasoline in the United States from 1990 to 2016. In 1995, one gallon of regular gasoline cost 1.11 U.S. dollars. In 2015, one gallon of regular gasoline cost 2.43 U.S. dollars. Customers in Norway and Hong Kong are charged the highest gas prices around the world.
Gas prices in the U.S.
Finished motor gasoline is the most commonly used fuel in the U.S. transportation sector. Between 2009 and 2012, many countries including the United States saw a steep increase in the price of gasoline, peaking at 3.62 U.S. dollars per gallon in 2012. Although U.S. gasoline prices dipped in 2013 and 2014, they still remained well above the three-dollar mark.
2015 was different. In light of worldwide plummeting crude oil prices, U.S. regular retail prices of gasoline fell to a record low in 2015. During the summer of 2015, the average national gas price hovered around 2.6 U.S. dollars per gallon, and the annual average fell to 2.43 U.S. dollars per gallon. In 2016, customers were charged 2.14 U.S. dollars per gallon.
U.S. gasoline prices will likely be affected by changes in refinery output, growing supplies of alternative fuels, as well as low crude oil prices - historically low prices that can be seen as a by-product of a Chinese stock market in turmoil. In November 2016, one barrel of UK Brent, a type of crude that is often linked with changes in the price of gasoline, cost about 44.7 U.S. dollars, which is about eight U.S. dollars below the 2015 annual average price of Brent. On average, U.S. customers were charged 2.35 U.S. dollars in the second week of January 2017. A 2017 national average gasoline price of a little over two U.S. dollars does not seem too unrealistic, given the fact that there are about 42 gallons in one barrel of oil, and a 42-dollar decline per barrel of crude oil will result in a one-dollar drop per gallon of gasoline.