Historical Gas Prices By Year: What Affects Them 1978-2024

The most expensive county for gas is Mono County, which borders Nevada and includes the tourist destination Mammoth Mountain. The previous high was $4.11 on July 17, 2008, according to AAA. That would come to around $5.25 today when adjusted for inflation. Sign up for our daily newsletter for the latest financial news and trending topics.

Usually, gasoline is shipped from refineries to the terminal in an area which is then transferred to the gas stations in that Pacific area. In the United States, refining costs vary according to seasons and regions, based on crude oil and oil refining technology. Moreover, the price of gasoline also differs due to the ingredients blended with the oil, such as fuel ethanol. Some gas apps offer complementary rewards programs to help you save at the pump.

High gas prices are displayed at a gas station in Los Angeles last week. The most expensive gallon of gas included in the ranking, however, was being sold in Hong Kong at $10.87, which would typically cause filling up even a small car to break the $100 barrier. Eastern Asia was the priciest part of the world for gas after Europe, with prices high in India, China, South Korea and Thailand – all of which are major oil consumers, but not producers. Deep pockets are also needed in a few countries where weak government or trade structures have led to a hike in prices, like in the Central African Republic.

If the demand is low and the supply solid, prices tend to fall. The national average state tax for gasoline is 31.67 cents per gallon. 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. In 2008, the average gas price was about $3.50 per gallon. Although this price is much higher than the current average gas price, it is significantly lower than in previous years.

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1. If there are multiple gas stations in a single area, the competition becomes very high.
2. Suppose, in January 1950, a gallon of gasoline cost 20 cents in the US.
3. The highest gas price ever recorded was in Venezuela, where it reached $7.50 per gallon in 2013.
4. 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.

Adjusting the inflation, in January 2020, if the taxes, demands, and supplying state remain the same, the rate would increase up to $2.89. 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.

If you pay off your credit card balance in full each month, you can maximize your savings by purchasing gas with a cash-back credit card. Some cards have specific spending categories for earning high percentages of cash back (think 5% cash back per $1 spent), and gas is a popular category. Pay off your credit card balance in full each month to avoid costly interest. Some gas locations reported prices about $2 over the state average. Stations in Los Angeles and San Francisco sell regular gas for more than $6 per gallon, some reaching nearly $7. In the city of Gorda, about 140 miles south of San Francisco on the coast, one station charged $7.59, KSBW reported.

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

Kroger, for example, gives members one fuel point for every $1 spent in Kroger supermarkets. The points can be redeemed at Kroger gas stations or other gas station chains. If you have a favorite gasoline retailer, consider enrolling in its rewards program to earn points each time you fill up. Points can later be redeemed for discounts on your gas purchases. Most major gas station chains, including Exxon, Shell and Circle K, have rewards programs.

However, there has convert euro to hong kong dollar been a slight decrease in the average price from 2018 to 2021. The states with the highest average prices in 2021 are currently Hawaii at $0.60/eGallon and California at $0.58/eGallon. Overall, the Department of Energy believes that the cost of driving an electric car is cheaper than driving a gasoline vehicle, even considering the maintenance and repair costs. Over the last few years, the world’s population has increased dramatically.

Get the latest news on investing, money, and more with our free newsletter. Forget road trips, just driving to the office is getting pretty steep. Gas prices have been the point of contention for auto owners around the world, but here in the United States, they have felt particularly spicy as of late.

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The Golden State is the only one to average more than $5 a gallon. One of the main components of the rising costs is the invasion of Ukraine by Russian armed forces. Tom Kloza, chief global analyst for the Oil Price Information Service, told USA TODAY that Russia is the Which best describes the difference between preferred and common stocks second-largest oil producer in the world, behind the United States.

In Algeria, for example, gas costs only around $1.20 per gallon, while in Russia, the price was approximately $2.70. Other oil producers have gone the opposite route, offering gasoline to its citizens for less than the price of bottled water. The most drastic examples for this are Venezuela, Libya and Iran, where gasoline only costs a couple of cents per gallon. Skyrocketing gas prices in the U.S. brought economic pain in early June 2022, with more than a dozen states surpassing network security specialist freelance jobs and employment $5 as an average price per gallon. The national gas price average was $4.96, rounded up to the nearest cent, per the American Automobile Association (AAA). GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.