Upgrade now. US Retail Gas Price is at a current level of 3.557, up from 3.556 last week and down from 3.69 one year ago. This is a change of 0.03% from last week and -3.60% from one year ago. The US Retail Gas Price is the average price that retail consumers pay per gallon, for all grades and formulations.
How do you compare gasoline prices with historical prices?
Two ways to compare current gasoline prices with historical prices are by the nominal price or the real price. The graph below shows the average annual nominal and real prices of retail regular-grade gasoline from 1976 through 2024. The real prices are based on the value of the U.S. dollar in January 2023.
Why are gasoline prices so high now?
The single biggest factor driving the spike now is the price of crude oil. As of April, according to the Energy Information Administration, the cost of the raw material accounted for 60 percent of the price of a gallon of regular gasoline.
