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The chart above and table below shows average annual prices of gasoline and those prices based on inflation in 2022 dollars. Specifically, they offer insights into how prices at the pump have changed over the years and how those prices compare after they have been adjusted for inflation.
The current national average price is $3.34 for "Gasoline, unleaded regular, per gallon/3.785 liters". This data is collected by a national survey and can vary from region to region. Between 1935 and 2024: Gas experienced an average inflation rate of 3.59% per year.
The average price of gasoline fell 15.3% in the 12 months ending September as compared to the annual decrease of 10.3% in August, according to the most recent inflation data published October 10, 2024, by the U.S. Labor Department's Bureau of Labor Statistics (BLS).
According to the U.S. Bureau of Labor Statistics, prices for gasoline, unleaded regular are 271.76% higher in 2024 versus 1988 (a $9.08 difference in value). The current national average price is $3.34 for "Gasoline, unleaded regular, per gallon/3.785 liters".
To help people put gas prices into context, WalletHub adjusted historical prices for inflation to show the true burden on consumers over time. Key Gas Price Stats. National average for September 2024: $3.34 per gallon. Change from September 2023: 15.66% Down. Table of Contents. Gas Prices by Year Gas Prices by Month Raw Data.
The calculator, like others found on this site for inflation, uses U.S. Bureau of Labor Statistics data -- specifically, "12-Month Average Gasoline (all types) in U.S. city average." It adjusts for gasoline inflation through September using BLS data published on October 10, 2024. Data through October will be available November 13, 2024.
This graph shows the trend of actual and inflation-adjusted gasoline prices from 1950 to 2023. There were gasoline price spikes in 1974 and 1980 caused by the Organization of the Petroleum Exporting Countries (OPEC) Oil Embargo and Iran-Iraq War, respectively.
This Gasoline Prices Calculator shows the monthly price of gas since 1976 and it calculates gas prices adjusted for inflation in today's dollars.
Inflation adjusted Gasoline Price Chart. Chart Source- www.InflationData.com Read more about this Chart. How to save on Gas.
Retail Prices for Gasoline, All Grades ; U.S. Gasoline and Diesel Retail Prices ...