Chart: How Gas Prices Compare Around the World

Mississippi has the lowest price of gas, with an average of $2.82 per gallon of regular gas. California has the highest price of gas, with an average of $4.67 per gallon of regular gas. Today’s average price of gas in the U.S. is $3.30 per gallon, down $0.01 from yesterday, $0.05 from last week and $0.17 from last month. The average cost of a gallon of gas is now $5.005, according to GasBuddy, a two-cent increase from Wednesday’s record-high $4.991 average.

At A Glance: Statistics of Gas Prices

Typically, gas costs less during the winter months when drivers are less likely to be on the road. Similarly, prices tend to rise during the spring and summer months when more drivers are on the road. This is 0.24 more per gallon than the average price of regular gas. Moreover, the gas price probably rises in the peak summer and spring because it’s the travel season, and the gas is more likely to evaporate. On the other hand, in winter, the prices are comparatively low. Now that you know when and why gas prices increase, you should always be prepared for sudden price fluxes.

$5 Milestone: Gas Prices Hit An All-Time National High

We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are usd real time quotes eur usd chart euro dollar chart investing com not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology. Adjusting the price for inflation will give you an idea about the actual growth or seasonal fluctuation in the cost of gas. Here is how you calculate inflation to know how much the gas price has changed over time.

Published June 7, 2022

Some people believe that the cost of an eGallon is understated, as it does not take into account the cost of maintaining and repairing an electric vehicle. However, the Department of Energy argues that electric cars’ maintenance and repair costs are often lower than gasoline cars. Gas apps are arguably the easiest way to find cheap gas near you. These apps require little commitment compared to loyalty and rewards programs that limit you to a specific store or brand of gas station. The average price of a gallon of gas one year ago today was $3.80.

De Haan said in a tweet Sunday the chances of a $5 nationwide average are “somewhat remote” but remain a small possibility.

The highest gas prices in U.S. history may have occurred in 2022, but the future of what you will pay at the pump remains ominous for the rest of 2023 and for the next several years. Hopefully, they will regulate back down, but if not it will be interesting to see what everyone comes up with for alternative transportation. In the last five 5 free investing courses available online years, the price of gas has remained steady between $2.74 and $3.29 per gallon.

The fuel-savings app GasBuddy projects prices will probably average $4.25 in May and stay over $4 until November. The average price of gas in the 1990’s was just shy of $1.15. China built more than 80,000 miles of interprovincial highway in 2020. On the other hand, the U.S. has 47,000 miles of interstate highway.

Prior to 2022, the highest ever average recorded by AAA was $4.114 per gallon in July 2008. Average U.S. gas prices soared to a record high of $4.33 in March shortly after Russia invaded Ukraine, which caused crude oil prices to surge and threatened global supply. After a two-month lull, gas prices have steadily risen since last month, setting record highs nearly every day. Europe has some of the highest gasoline prices in the world. Most of Western Europe was paying upwards of $6.00 for a gallon of gas as of May 2, with some of the highest prices being charged in Iceland, Finland, Greece, Denmark and Norway. Germany was the most expensive major European economy in terms of gas prices most recently, as a gallon was going for $7.97.

Gas is also cheaper for refiners because they don’t have to worry about evaporation. People drive more during warmer weather, so the demand is higher. Abrupt increases or decreases in gas prices are usually due to a disruption in crude oil supplies, the operations, or delivery of gas pipelines. Gas prices rise and fall according to supply and demand. If the supply is down and the demand is high, prices increase.

Compared to the previous years, in 2019, gas stations charged $2.6 USD per gallon. However, in 2020,  the price was 2.17, which means the price went down by a total of 17%. In late January, West Texas Intermediate Crude Oil (WTI) Prices—a benchmark for oil prices—closed at $75.09, marking a 72-cent increase. This rise followed the Energy Information Administration’s (EIA) report of a substantial 9.2 million-barrel decrease in total domestic commercial crude stocks. The notable drop suggests potential price increases if demand rises due to a tightening supply.

1. As of Tuesday morning, the average national price for a gallon of regular gasoline touched $4.17, according to AAA, the highest price ever, not accounting for inflation.
2. Skyrocketing gas prices in the U.S. brought economic pain in early June 2022, with more than a dozen states surpassing $5 as an average price per gallon.
3. 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.

The average price of gas first went over $1 a gallon in 1980, when it went from $0.86 per gallon to $1.19 per gallon. Keep reading to learn how the cost has changed over the last 100 years. According to the EIA, the gas price will increase to $3.6 per gallon. The trend has generally been for prices to increase over time, with the highest average prices in 2017 and 2018.

The best day to buy gas is Monday, according to a Gas Buddy study. Gas price has what is the difference between data and information gone through a few sharp and unpredictable swings over the last few years. If you often get gas-filled in your vehicle, you must know how volatile the prices can be.

Moreover, the prices also depend on the location of gas stations. If there are multiple gas stations in a single area, the competition becomes very high. At the same time, if there are just two gas stations, the competition is comparatively low. Gas prices also vary based on other factors such as salaries, wages, equipment, rents, lease, and benefits. In 2014, the gas price was at its peak at a rate of $3.62 per gallon. The prices fell to $2.43 per gallon in 2015 and $2.14 in 2016.