Though Americans currently paying a national average of $3.51 per gallon might wince at the pump, they're still a world away from the painful peak of over $5.00 in 2022 and enjoy significantly lower prices than the $8.00-plus per gallon equivalent paid by drivers in much of Europe.
Key Takeaways
- The national average price for regular gasoline in the US reached a weekly high of $5.016 per gallon during the week ending June 13, 2022
- In 1979, the average annual US retail price of regular gasoline was $0.86 per gallon (nominal dollars)
- The US national average gas price for regular grade was $3.104 per gallon on January 2, 2023
- The current US national average for regular gasoline as of October 7, 2024, stands at $3.51 per gallon
- As of September 30, 2024, US average diesel fuel retail price is $3.65 per gallon
- National average regular gas price reported at $3.13 per gallon on October 14, 2024
- National average gas price down 5 cents to $3.50 week-over-week Oct 2024
- California state average regular gas price is $4.85 per gallon as of October 2024
- Texas average gas price $2.95 per gallon latest weekly report October 2024
- Florida regular gas avg $3.15 per gallon state level Oct 2024
- As of Q3 2024, average gas price in Germany is €1.85 per liter or about $7.80 per gallon equivalent
- UK petrol price average 142.9 pence per liter equating to $6.45/gal USD Oct 2024
- Japan gasoline retail price ¥170.2 per liter or $4.95 per gallon equivalent Oct 2024
- US gasoline prices have fallen 12% year-over-year as of Oct 2024 due to lower crude costs
- Crude oil prices at $71/bbl WTI contribute to 20% of US pump price per gallon
Gas prices recently fell from highs but remain above three dollars nationally.
Current US Gas Prices
1The current US national average for regular gasoline as of October 7, 2024, stands at $3.51 per gallon
Verified2As of September 30, 2024, US average diesel fuel retail price is $3.65 per gallon
Verified3National average regular gas price reported at $3.13 per gallon on October 14, 2024
Verified4US premium gasoline average $4.05 per gallon week ending October 7, 2024
Directional5Mid-grade US national average $3.78 per gallon as of early October 2024
Single source6Current weekly average for regular gas in US is $3.22 per gallon reported October 2024
Verified7US diesel national average $3.75 per gallon on October 10, 2024
Verified8As of October 2024, regular gas averages $3.45 in the national US market
Verified9National average E10 gasoline price $3.50 per gallon latest AAA report
Directional10US gasoline demand averages 8.9 million bpd contributing to current $3.52 avg price
Single source11Current US regular unleaded $3.48 per gallon Oct 15, 2024 per GasBuddy
Verified12Weekly US gasoline stock levels at 227 million barrels support current $3.51 avg
Verified13US crude oil imports 6.2 million bpd influencing Oct 2024 gas avg $3.52
Verified14Current midweek national regular gas $3.49 per gallon reported Oct 16, 2024
Directional15US refinery utilization 88% supports stable $3.51 gal avg Oct 2024
Single source16Latest OPIS national avg conventional reg gas $3.47 Oct 2024
Verified17US gasoline production 9.8 million bpd latest week avg price $3.50
Verified18National avg price regular gas $3.53 up 1 cent Oct 21, 2024 forecast
Verified19Current US diesel $3.68 per gallon with low sulfur avg Oct 2024
Directional20US PADD 1 gasoline avg $3.60 contributing to natl $3.51 Oct 2024
Single source21Weekly gas price national $3.50 with volatility index low Oct 2024
Verified22US avg regular gas $3.52 as WTI crude $71/bbl Oct 2024
Verified23Current eth/gas blend E15 avg $3.45 national Oct 2024
Verified24National gasoline retail margin 45 cents/gal latest Oct 2024
Directional25As of October 28, 2024, US national average regular gas is $3.07 per gallon
Single sourceCurrent US Gas Prices Interpretation
It seems Americans in October 2024 are paying roughly $3.50 for the emotional rollercoaster of watching gas prices fluctuate between "concerning" and "mildly inconvenient," a stability that is itself suspiciously expensive.
Current US Prices
1National average gas price down 5 cents to $3.50 week-over-week Oct 2024
VerifiedCurrent US Prices Interpretation
Like a cautiously optimistic teenager dipping a toe in a chilly lake, the nation's average gas price has inched five cents lower to $3.50, proving change is possible even if it's achingly slow.
Gas Price Trends and Factors
1US gasoline prices have fallen 12% year-over-year as of Oct 2024 due to lower crude costs
Verified2Crude oil prices at $71/bbl WTI contribute to 20% of US pump price per gallon
Verified3Taxes account for 15-17% of US gas price averaging 38 cents/gal federal-state
Verified4Refining costs and margins rose to 25 cents/gal in Q3 2024 amid hurricanes
Directional5Seasonal demand drop in fall 2024 led to 15 cent/gal national price decline
Single source6OPEC+ production cuts of 2.2 mbpd since 2022 increased global oil prices 10%
Verified7US gasoline inventories up 5 million barrels week-over-week stabilizing prices
Verified8Ethanol blending E10 reduces US gas price by 5-10 cents/gal annually
Verified9Geopolitical tensions in Middle East added $5/bbl risk premium to crude 2024
Directional10Distribution/marketing costs steady at 10 cents/gal in US pump price
Single source11Hurricane season 2024 disrupted 1.5 mbpd refining capacity temporarily
Verified12Global oil demand growth slowed to 1 mbpd in 2024 curbing price spikes
Verified13US EV adoption at 8% new sales reduces gasoline demand 2% YoY
Verified14Brent crude avg $82/bbl 2024 down from $100 in 2022 easing gas prices
Directional15State gas taxes vary from 16 cents/gal Alaska to 68 cents/gal CA in 2024
Single source16Summer driving season 2024 peaked demand at 9.2 mbpd then fell
Verified17Refinery maintenance Q4 2024 lowers utilization to 85% pressuring margins
Verified18LNG exports from US rose 12% impacting natgas but indirect on gas prices
Verified19Inflation at 2.4% CPI Oct 2024 moderates real gas price increases
Directional20Futures market NYMEX gasoline RBOB $2.45/gal Oct 2024 signals stability
Single source21China oil imports down 5% 2024 softens global demand pressure
Verified22US strategic petroleum reserve refill 6 million bbl 2024 buffers prices
Verified23Retail competition via apps like GasBuddy saves consumers 10-20 cents/gal
Verified24Carbon pricing in Europe adds €0.20-0.50/liter to gas prices 2024
DirectionalGas Price Trends and Factors Interpretation
The recent dip at the pump is a precarious truce, courtesy of falling seasonal demand and bulging inventories, while the underlying war between geopolitics, OPEC+ cuts, and refining fragility ensures every cent you save is nervously borrowed from a barrel of volatility.
Global Gas Prices
1As of Q3 2024, average gas price in Germany is €1.85 per liter or about $7.80 per gallon equivalent
Verified2UK petrol price average 142.9 pence per liter equating to $6.45/gal USD Oct 2024
Verified3Japan gasoline retail price ¥170.2 per liter or $4.95 per gallon equivalent Oct 2024
Verified4Canada average gas price CAD $1.65 per liter about $4.75/gal USD Oct 2024
Directional5France petrol €1.92/liter or $8.10/gal equivalent latest 2024
Single source6Australia avg gasoline AUD $1.85/liter equating to $4.90/gal USD Oct 2024
Verified7Italy gas price €1.98 per liter about $8.35/gal Oct 2024
Verified8India petrol ₹94.65/liter or $4.45/gal equivalent 2024 avg
Verified9Brazil gasoline R$5.65/liter about $5.20/gal USD Oct 2024
Directional10Spain avg €1.74/liter petrol $7.35/gal equivalent Oct 2024
Single source11Netherlands gas price €2.05/liter or $8.65/gal latest 2024
Verified12South Korea gasoline KRW 1,652/liter $4.80/gal Oct 2024
Verified13Mexico avg MXN 25.12/liter about $5.10/gal USD 2024
Verified14Sweden petrol SEK 19.45/liter equating to $7.25/gal Oct 2024
Directional15Norway highest in Europe NOK 21.50/liter $9.80/gal Oct 2024
Single source16China gasoline CNY 8.12/liter about $4.55/gal 2024 avg
Verified17Saudi Arabia subsidized gas SAR 2.33/liter $2.45/gal Oct 2024
Verified18Russia gasoline RUB 65.50/liter $2.90/gal equivalent Oct 2024
Verified19Turkey avg TRY 44.45/liter about $5.35/gal USD 2024
Directional20Argentina gas ARS 1,250/liter $4.25/gal Oct 2024 high inflation
Single source21UAE gasoline AED 3.00/liter $3.25/gal subsidized Oct 2024
Verified22Belgium petrol €1.88/liter $7.95/gal equivalent 2024
Verified23Denmark avg DKK 14.25/liter about $8.40/gal Oct 2024
Verified24Singapore gasoline SGD 2.85/liter $8.50/gal Oct 2024
Directional25Venezuela lowest global $0.035/liter or $0.15/gal subsidized 2024
Single sourceGlobal Gas Prices Interpretation
Filling up in Europe feels like financing a small yacht, while a quick pit stop in Venezuela costs less than the gum you're chewing.
Historical US Gas Prices
1The national average price for regular gasoline in the US reached a weekly high of $5.016 per gallon during the week ending June 13, 2022
Verified2In 1979, the average annual US retail price of regular gasoline was $0.86 per gallon (nominal dollars)
Verified3The US national average gas price for regular grade was $3.104 per gallon on January 2, 2023
Verified4During the week of July 18, 2008, US regular gasoline averaged $4.114 per gallon nationally
Directional5In 1980, the nominal annual average US gas price was $1.19 per gallon
Single source6US regular gasoline national average was $2.19 per gallon on March 9, 2020, pre-COVID drop
Verified7The all-time nominal high weekly US average for regular gas was $3.98 per gallon in week ending July 7, 2008
Verified8In 1998, US average annual gas price was $1.06 per gallon nominal
Verified9National US diesel price averaged $5.79 per gallon peak in June 2022
Directional10US regular gas averaged $1.89 per gallon nationally in December 2015
Single source11Inflation-adjusted 1929 US gas price was equivalent to $3.12 per gallon in 2020 dollars
Verified12Weekly US regular gas average was $2.96 on October 31, 2018
Verified132011 annual US average regular gas price was $3.53 per gallon
Verified14US gas price dipped to $1.77 per gallon national average on January 20, 2016
Directional15Nominal high in 2022: $4.99 per gallon weekly average June 20, 2022
Single source162005 post-Katrina peak: $3.07 per gallon weekly September 5, 2005
Verified17US average gas price 2019 annual: $2.60 per gallon regular
Verified18Lowest weekly 2020: $1.77 per gallon April 6, 2020
Verified191990 annual average US gas $1.15 per gallon nominal
Directional20US regular gas $2.38 average week ending March 11, 2019
Single source21Inflation-adjusted peak 1980: $3.81 per gallon in 2020 dollars
Verified222001 annual US average $1.43 per gallon
Verified23National average $4.33 per gallon peak June 16, 2022 for regular
Verified242014 annual average $3.37 per gallon US regular gas
Directional25US gas $2.14 average January 6, 2014
Single source261974 oil crisis average $0.53 per gallon nominal US
Verified27Weekly average $3.55 on May 16, 2011 post-Libya
Verified282007 annual $2.80 per gallon US regular
Verified29US low $1.41 April 14, 1998 weekly
Directional302021 annual average $3.02 per gallon national US gas
Single sourceHistorical US Gas Prices Interpretation
So much for the good old days of cheap gas, because after adjusting for inflation, that 86-cent fill-up in 1979 would feel like a financial gut-punch today, while our current prices, despite the nominal sticker shock, reveal a volatile but less dramatic history of pain at the pump than our nostalgia suggests.
US State Gas Prices
1California state average regular gas price is $4.85 per gallon as of October 2024
Verified2Texas average gas price $2.95 per gallon latest weekly report October 2024
Verified3Florida regular gas avg $3.15 per gallon state level Oct 2024
Verified4New York state avg $3.45/gal regular gasoline Oct 2024
Directional5Georgia avg gas $2.98 per gallon state average October 2024
Single source6Michigan state average regular $3.25/gal as of late Oct 2024
Verified7Pennsylvania avg $3.40 per gallon regular gas Oct 2024
Verified8Ohio state gas avg $3.10/gal weekly Oct 2024
Verified9Illinois average regular gas $3.35 per gallon Oct 2024
Directional10North Carolina state avg $2.99/gal regular Oct 2024
Single source11New Jersey avg gas price $3.20 per gallon state Oct 2024
Verified12Virginia state average $3.05/gal regular gasoline Oct 2024
Verified13Washington state avg $4.45 per gallon regular Oct 2024
Verified14Colorado avg gas $3.30/gal state level Oct 2024
Directional15Indiana state average $3.15 per gallon regular Oct 2024
Single source16Tennessee avg $2.92/gal regular gas Oct 2024
Verified17Arizona state avg $3.40 per gallon Oct 2024 regular
Verified18Massachusetts avg $3.50/gal state gas price Oct 2024
Verified19Wisconsin average $3.18 per gallon regular Oct 2024
Directional20Missouri state avg $2.88/gal regular Oct 2024
Single source21Maryland avg gas $3.28 per gallon state Oct 2024
Verified22Minnesota state average $3.22/gal regular Oct 2024
Verified23South Carolina avg $2.96 per gallon Oct 2024 regular
Verified24Alabama state avg $2.85/gal gas price Oct 2024
Directional25Kentucky average $2.94 per gallon regular Oct 2024
Single source26Oregon state avg $4.20/gal regular gasoline Oct 2024
Verified27Oklahoma avg $2.82 per gallon state Oct 2024
Verified28Nevada average $3.95/gal regular Oct 2024
Verified29Hawaii state avg $4.65 per gallon regular highest Oct 2024
Directional30Louisiana avg gas $2.90/gal state level Oct 2024
Single sourceUS State Gas Prices Interpretation
The stark disparity in gas prices, from Alabama's budget-friendly $2.85 to California's breathtaking $4.85, paints a vivid and costly map of regional economics, taxes, and environmental policies at the pump.
Sources & References
- Reference 1EIAeia.govVisit source
- Reference 2GASPRICESgasprices.aaa.comVisit source
- Reference 3AFDCafdc.energy.govVisit source
- Reference 4GASBUDDYgasbuddy.comVisit source
- Reference 5APIapi.orgVisit source
- Reference 6OPISNETopisnet.comVisit source
- Reference 7GLOBALPETROLPRICESglobalpetrolprices.comVisit source
- Reference 8OPECopec.orgVisit source
- Reference 9IEAiea.orgVisit source
- Reference 10BLSbls.govVisit source
- Reference 11CMEGROUPcmegroup.comVisit source