Fact of the Week #1238

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Transportation Analysis Fact of the Week #1238

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May 16, 2022

The Average Nationwide Monthly Gasoline Price Was Highest in July 2008 When Adjusted for Inflation

July 2008 marked the highest nationwide average gasoline price ($5.10 per gallon) when adjusted for inflation. Crude oil prices affect the price of gasoline, but many other factors also contribute to the often-changing price of gasoline. From 2011 to 2014, the average gasoline price was between $4 and $5 per gallon, adjusted for inflation. The lowest gasoline price in recent times was in April 2020.

Average Monthly Gasoline Price for All Grades, January 1978 - March 2022, Adjusted for Inflation

Note: Adjusted by the Bureau of Labor Statistics’ Consumer Price Inflation Index.

Source: Energy Information Administration, Monthly Energy Review, March 2022, Table 9.4.

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