But they also said the year-over-year price rise is a legitimate concern. Oklahoma has the lowest price of gas, with an average of $2.56 per gallon of regular gas. Hawaii has the highest price of gas, with an average of $4.58 per gallon of regular gas.
Popular apps like GasBuddy, Waze and Google Maps are free and show gas prices in real-time via a map directly in the app. The price at the pump has bounced up and down often since the 2008 recession. The average price of a gallon of gas was as low as $2 in February 2016 during the US fracking boom and as high as $4.61 in April 2012, axi review as the economy recovered from the Great Recession. In a nutshell, here are the major factors impacting oil, and subsequently gasoline prices since 2001. Something dramatic changed during President Obama’s first year in office.
By Trump’s third year in office, prices fell slightly, but then they fell sharply during his fourth year to a level almost the same as during Obama’s eighth year. The US consumed roughly 137 billion gallons (or about 3.26 billion barrels) of gasoline in 2023, according to the The U.S. Energy Information Administration (EIA)(7). Last year the average peaked on June 14, 2022, at $5.02 per gallon.
Gas prices in 2023: What can we expect?
Taxes, refining, distribution, and marketing costs also affect gas prices. In 2020, the price of crude oil accounted for 43% of gas prices, less than the 10-year average of 56%. The second-largest component of gas prices in 2020 was refining costs and profits, followed by federal and state taxes at 22%. This graphic shows the intricate linkage between crude oil and gasoline prices. An eGallon compares the amount of energy it takes to fuel a car with electricity with the amount of energy to fuel a car with gasoline. According to the Department of Energy, an eGallon costs about $1.00 to drive an electric vehicle, the same distance as a gallon of gasoline costs in a conventional car.
Cities Where the Average Rent Is Out of Reach for Those Making Minimum Wage
Regardless of the outcome of the war, gas prices are expected to remain relatively high for consumers for a How to buy avalanche while. The literal cost-per-gallon has never been this high in U.S. history, but when those costs are adjusted for inflation, that’s not quite the case. Those numbers have declined slightly over the last few days, but they’re still high.
- That would show how burdensome higher gas prices actually are for the average household.
- What if you factor in how much gasoline costs as a percentage of income?
- Oil has shot up over fears of nuclear weapon use by Russia after Ukraine was allowed to long-range missiles supplied by Western allies to hit deeper into Russian territory.
- Therefore, constrained supply and rising demand for gasoline have made people suffer a lot these years.
- As the war in Ukraine drags on and Russian production drops, analysts have suggested that the energy market could be fundamentally rewired.
Those gas prices will range from day to day and state to state, it can be a good indicator of where gas prices are in real-time when you zoom out and look at the entire map as a whole. Saving money at the pump isn’t the easiest task to complete today but you can at least see where your state stacks up in comparison. Abrupt increases or decreases in gas prices are usually due to a disruption in crude oil supplies, the operations, or delivery of gas pipelines. Therefore, constrained supply and rising demand for gasoline have made people suffer a lot these years. Seasonal demands, the value of the U.S. dollar, and refining costs are a few reasons that cause the gas price to hit a plateau.
Historical Gasoline Price Charts
Indeed, today’s level of 3.1% is very close to what it was from 1992 to 2003, and for most of the time since 2015, making today’s figure pretty much par for the course in recent history. We found that today’s gasoline price as a share of income has spiked compared with 2020, to 3.1% from about 2.1%. To help ease this growing crisis, the Biden administration is asking U.S. oil companies and other large producers of oil to increase their output, but it is not having much success. That’s because oil executives are fearful that the price could fall if they increase production too much.
Meanwhile, a hydraulic fracturing (“fracking”) boom had been gaining momentum since Bush’s second term in office. By 2014 U.S. oil production had increased by so much that OPEC responded with a price war that ultimately sent oil prices below $30/bbl. That’s why gasoline how do i invest in oil direct and indirect options prices plunged during Obama’s last two years in office.