Annual gas prices in the United States 1990-2021

In 2021, customers at U.S. gas stations were charged 3.01 U.S. dollars per gallon, up almost 39 percent from 2.17 U.S. dollars in 2020. The price of gasoline is significantly lower in the U.S. than in many other countries. At roughly seven U.S. dollars per gallon, customers in Norway were charged some of the highest gas prices around the world in 2020.

Economic downturns increase volatility

The United States saw increased volatility during the global economic slowdown and subsequent recovery between 2008 and 2011. U.S. gasoline prices peaked at 3.62 U.S. dollars per gallon in 2012. Although U.S. gasoline prices dipped in 2013, they remained well above the three-dollar mark throughout 2014.

Gas price fluctuations in recent years

2015 was different. In light of plummeting crude oil prices, U.S. regular retail prices of gasoline fell to 2.43 in 2015 and a record low of 2.14 in 2016. Although the United States is a large exporter of oil itself, U.S. regular-grade gasoline is usually made from UK Brent, and the price of this crude oil fell by more than 50 percent between 2014 and 2016. Prices began to rebound in 2017.