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
- 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
- US premium gasoline average $4.05 per gallon week ending October 7, 2024
- Mid-grade US national average $3.78 per gallon as of early October 2024
- Current weekly average for regular gas in US is $3.22 per gallon reported October 2024
- US diesel national average $3.75 per gallon on October 10, 2024
- As of October 2024, regular gas averages $3.45 in the national US market
- National average E10 gasoline price $3.50 per gallon latest AAA report
- US gasoline demand averages 8.9 million bpd contributing to current $3.52 avg price
- Current US regular unleaded $3.48 per gallon Oct 15, 2024 per GasBuddy
- Weekly US gasoline stock levels at 227 million barrels support current $3.51 avg
- US crude oil imports 6.2 million bpd influencing Oct 2024 gas avg $3.52
- Current midweek national regular gas $3.49 per gallon reported Oct 16, 2024
- US refinery utilization 88% supports stable $3.51 gal avg Oct 2024
- Latest OPIS national avg conventional reg gas $3.47 Oct 2024
- US gasoline production 9.8 million bpd latest week avg price $3.50
- National avg price regular gas $3.53 up 1 cent Oct 21, 2024 forecast
- Current US diesel $3.68 per gallon with low sulfur avg Oct 2024
- US PADD 1 gasoline avg $3.60 contributing to natl $3.51 Oct 2024
- Weekly gas price national $3.50 with volatility index low Oct 2024
- US avg regular gas $3.52 as WTI crude $71/bbl Oct 2024
- Current eth/gas blend E15 avg $3.45 national Oct 2024
- National gasoline retail margin 45 cents/gal latest Oct 2024
- As of October 28, 2024, US national average regular gas is $3.07 per gallon
Current 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
- National average gas price down 5 cents to $3.50 week-over-week Oct 2024
Current 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
- 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
- Taxes account for 15-17% of US gas price averaging 38 cents/gal federal-state
- Refining costs and margins rose to 25 cents/gal in Q3 2024 amid hurricanes
- Seasonal demand drop in fall 2024 led to 15 cent/gal national price decline
- OPEC+ production cuts of 2.2 mbpd since 2022 increased global oil prices 10%
- US gasoline inventories up 5 million barrels week-over-week stabilizing prices
- Ethanol blending E10 reduces US gas price by 5-10 cents/gal annually
- Geopolitical tensions in Middle East added $5/bbl risk premium to crude 2024
- Distribution/marketing costs steady at 10 cents/gal in US pump price
- Hurricane season 2024 disrupted 1.5 mbpd refining capacity temporarily
- Global oil demand growth slowed to 1 mbpd in 2024 curbing price spikes
- US EV adoption at 8% new sales reduces gasoline demand 2% YoY
- Brent crude avg $82/bbl 2024 down from $100 in 2022 easing gas prices
- State gas taxes vary from 16 cents/gal Alaska to 68 cents/gal CA in 2024
- Summer driving season 2024 peaked demand at 9.2 mbpd then fell
- Refinery maintenance Q4 2024 lowers utilization to 85% pressuring margins
- LNG exports from US rose 12% impacting natgas but indirect on gas prices
- Inflation at 2.4% CPI Oct 2024 moderates real gas price increases
- Futures market NYMEX gasoline RBOB $2.45/gal Oct 2024 signals stability
- China oil imports down 5% 2024 softens global demand pressure
- US strategic petroleum reserve refill 6 million bbl 2024 buffers prices
- Retail competition via apps like GasBuddy saves consumers 10-20 cents/gal
- Carbon pricing in Europe adds €0.20-0.50/liter to gas prices 2024
Gas 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
- 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
- Canada average gas price CAD $1.65 per liter about $4.75/gal USD Oct 2024
- France petrol €1.92/liter or $8.10/gal equivalent latest 2024
- Australia avg gasoline AUD $1.85/liter equating to $4.90/gal USD Oct 2024
- Italy gas price €1.98 per liter about $8.35/gal Oct 2024
- India petrol ₹94.65/liter or $4.45/gal equivalent 2024 avg
- Brazil gasoline R$5.65/liter about $5.20/gal USD Oct 2024
- Spain avg €1.74/liter petrol $7.35/gal equivalent Oct 2024
- Netherlands gas price €2.05/liter or $8.65/gal latest 2024
- South Korea gasoline KRW 1,652/liter $4.80/gal Oct 2024
- Mexico avg MXN 25.12/liter about $5.10/gal USD 2024
- Sweden petrol SEK 19.45/liter equating to $7.25/gal Oct 2024
- Norway highest in Europe NOK 21.50/liter $9.80/gal Oct 2024
- China gasoline CNY 8.12/liter about $4.55/gal 2024 avg
- Saudi Arabia subsidized gas SAR 2.33/liter $2.45/gal Oct 2024
- Russia gasoline RUB 65.50/liter $2.90/gal equivalent Oct 2024
- Turkey avg TRY 44.45/liter about $5.35/gal USD 2024
- Argentina gas ARS 1,250/liter $4.25/gal Oct 2024 high inflation
- UAE gasoline AED 3.00/liter $3.25/gal subsidized Oct 2024
- Belgium petrol €1.88/liter $7.95/gal equivalent 2024
- Denmark avg DKK 14.25/liter about $8.40/gal Oct 2024
- Singapore gasoline SGD 2.85/liter $8.50/gal Oct 2024
- Venezuela lowest global $0.035/liter or $0.15/gal subsidized 2024
Global 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
- 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
- During the week of July 18, 2008, US regular gasoline averaged $4.114 per gallon nationally
- In 1980, the nominal annual average US gas price was $1.19 per gallon
- US regular gasoline national average was $2.19 per gallon on March 9, 2020, pre-COVID drop
- The all-time nominal high weekly US average for regular gas was $3.98 per gallon in week ending July 7, 2008
- In 1998, US average annual gas price was $1.06 per gallon nominal
- National US diesel price averaged $5.79 per gallon peak in June 2022
- US regular gas averaged $1.89 per gallon nationally in December 2015
- Inflation-adjusted 1929 US gas price was equivalent to $3.12 per gallon in 2020 dollars
- Weekly US regular gas average was $2.96 on October 31, 2018
- 2011 annual US average regular gas price was $3.53 per gallon
- US gas price dipped to $1.77 per gallon national average on January 20, 2016
- Nominal high in 2022: $4.99 per gallon weekly average June 20, 2022
- 2005 post-Katrina peak: $3.07 per gallon weekly September 5, 2005
- US average gas price 2019 annual: $2.60 per gallon regular
- Lowest weekly 2020: $1.77 per gallon April 6, 2020
- 1990 annual average US gas $1.15 per gallon nominal
- US regular gas $2.38 average week ending March 11, 2019
- Inflation-adjusted peak 1980: $3.81 per gallon in 2020 dollars
- 2001 annual US average $1.43 per gallon
- National average $4.33 per gallon peak June 16, 2022 for regular
- 2014 annual average $3.37 per gallon US regular gas
- US gas $2.14 average January 6, 2014
- 1974 oil crisis average $0.53 per gallon nominal US
- Weekly average $3.55 on May 16, 2011 post-Libya
- 2007 annual $2.80 per gallon US regular
- US low $1.41 April 14, 1998 weekly
- 2021 annual average $3.02 per gallon national US gas
Historical 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
- 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
- New York state avg $3.45/gal regular gasoline Oct 2024
- Georgia avg gas $2.98 per gallon state average October 2024
- Michigan state average regular $3.25/gal as of late Oct 2024
- Pennsylvania avg $3.40 per gallon regular gas Oct 2024
- Ohio state gas avg $3.10/gal weekly Oct 2024
- Illinois average regular gas $3.35 per gallon Oct 2024
- North Carolina state avg $2.99/gal regular Oct 2024
- New Jersey avg gas price $3.20 per gallon state Oct 2024
- Virginia state average $3.05/gal regular gasoline Oct 2024
- Washington state avg $4.45 per gallon regular Oct 2024
- Colorado avg gas $3.30/gal state level Oct 2024
- Indiana state average $3.15 per gallon regular Oct 2024
- Tennessee avg $2.92/gal regular gas Oct 2024
- Arizona state avg $3.40 per gallon Oct 2024 regular
- Massachusetts avg $3.50/gal state gas price Oct 2024
- Wisconsin average $3.18 per gallon regular Oct 2024
- Missouri state avg $2.88/gal regular Oct 2024
- Maryland avg gas $3.28 per gallon state Oct 2024
- Minnesota state average $3.22/gal regular Oct 2024
- South Carolina avg $2.96 per gallon Oct 2024 regular
- Alabama state avg $2.85/gal gas price Oct 2024
- Kentucky average $2.94 per gallon regular Oct 2024
- Oregon state avg $4.20/gal regular gasoline Oct 2024
- Oklahoma avg $2.82 per gallon state Oct 2024
- Nevada average $3.95/gal regular Oct 2024
- Hawaii state avg $4.65 per gallon regular highest Oct 2024
- Louisiana avg gas $2.90/gal state level Oct 2024
US 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