U.S. retail gasoline averaged about $3.53 per gallon in 2023 and fell roughly 13% from the prior year, even as weekly prices were still clearly seasonal and moved with refinery and crude market swings. Behind that shift are tax and cost shares at the pump, EU weekly tax breakdowns, crack spreads, inventories, imports, and demand elasticities that help explain why prices do not respond the same way week to week. By putting EIA, Eurostat, IEA, and IMF findings side by side, you can see exactly what pushes gasoline higher and what keeps it from falling as fast as you might expect.
Key Takeaways
- In 2023, the U.S. retail gasoline taxes and fees component was roughly 29% of the national average retail price (as shown in EIA retail price breakdown for 2023)
- In the EU, retail gasoline prices are available as weekly breakdowns by taxes and costs (diesel and gasoline) in the Eurostat dataset
- The U.S. Energy Information Administration defines the national average retail price as a weekly value derived from state and regional averages
- WTI crude oil averaged $39.29/bbl in 2020
- Global transport fuel demand for gasoline was about 1.0 billion tonnes in 2022 (latest IEA values compiled in Transport fuels outlooks)
- IMO data show global road vehicle registrations exceeded 1.3 billion units worldwide in 2022 (fleet size context for gasoline demand)
- Global refining capacity utilization was about 84% in 2023 according to IEA refining and oil market reporting (capacity utilization affects gasoline supply tightness)
- In 2023, EIA reported U.S. crude oil production averaged about 11.7 million b/d, influencing crude supply and downstream prices
- EIA estimated that U.S. gasoline prices are seasonally higher in summer months due to blend requirements and demand (seasonality magnitude quantified in EIA seasonal charts)
- In 2023, U.S. EIA estimated gasoline consumption decreased by about 2.0% year over year (annual data comparison)
- In a 2019 NBER paper, demand for gasoline shows a statistically significant short-run price elasticity of about -0.1 to -0.2 (as reported in the estimates)
- In the U.S., gasoline demand is estimated to be inelastic in the short run; typical elasticity estimates are around -0.05 to -0.3 depending on model and period (range reported across peer-reviewed econometric literature)
- U.S. refinery gasoline production averaged 9.5 million b/d in 2023 (annual average)
- U.S. gasoline stocks averaged 183 million barrels in 2020 (annual average)
- U.S. gasoline imports were 0.6 million b/d in 2022 (annual average)
U.S. gasoline prices fell in 2023, reflecting easing demand, seasonality, and tight but sufficient supply.
Related reading
01 · Category
Pricing Breakdown3 stats
01
In 2023, the U.S. retail gasoline taxes and fees component was roughly 29% of the national average retail price (as shown in EIA retail price breakdown for 2023)
02
In the EU, retail gasoline prices are available as weekly breakdowns by taxes and costs (diesel and gasoline) in the Eurostat dataset
03
The U.S. Energy Information Administration defines the national average retail price as a weekly value derived from state and regional averages
Interpretation
Pricing Breakdown Interpretation
For the Pricing Breakdown angle, the U.S. retail gasoline taxes and fees make up about 29% of the 2023 national average retail price, showing that government levies are a major, stable slice of what drivers pay even as the EIA tracks the overall average weekly from state and regional rates.
02 · Category
Market Size3 stats
01
WTI crude oil averaged $39.29/bbl in 2020
02
Global transport fuel demand for gasoline was about 1.0 billion tonnes in 2022 (latest IEA values compiled in Transport fuels outlooks)
03
IMO data show global road vehicle registrations exceeded 1.3 billion units worldwide in 2022 (fleet size context for gasoline demand)
Interpretation
Market Size Interpretation
From a market size perspective, the gasoline and broader fuel market is enormous, with global gasoline demand at about 1.0 billion tonnes in 2022 supported by over 1.3 billion road vehicle registrations, while WTI averaged $39.29 per barrel in 2020, underscoring both the scale and the price environment these volumes move within.
03 · Category
Industry Trends8 stats
01
Global refining capacity utilization was about 84% in 2023 according to IEA refining and oil market reporting (capacity utilization affects gasoline supply tightness)
02
In 2023, EIA reported U.S. crude oil production averaged about 11.7 million b/d, influencing crude supply and downstream prices
03
EIA estimated that U.S. gasoline prices are seasonally higher in summer months due to blend requirements and demand (seasonality magnitude quantified in EIA seasonal charts)
04
In 2024, U.S. EIA weekly gasoline prices are seasonally lowest around early spring and rise in summer months (EIA ‘gasoline’ weekly analysis shows seasonal band)
05
In 2023, U.S. gasoline blended ethanol volumes were enough to represent about 10% of gasoline volume (EIA tracking of ethanol blending level)
06
The U.S. EIA estimated total annual U.S. ethanol production was about 14.9 billion gallons in 2023 (annual production level)
07
Germany’s transport fuels are heavily taxed; EU Energy price statistics show that taxes accounted for about 60%+ of retail gasoline in many periods (quantified by Eurostat dataset shares)
08
The U.S. EPA defines gasoline with ethanol blending as ‘conventional gasoline’ subject to blending rules; the blending is supported by ethanol production volumes (EIA + EPA framework)
Interpretation
Industry Trends Interpretation
For the Industry Trends angle, tighter supply and seasonally shifting demand are being reflected in the numbers, with global refining capacity utilization at about 84% in 2023 while U.S. gasoline prices peak in summer and also tie into large-scale ethanol blending of roughly 10% of gasoline volume supported by about 14.9 billion gallons of annual U.S. ethanol production in 2023.
04 · Category
Economics & Elasticity8 stats
01
In 2023, U.S. EIA estimated gasoline consumption decreased by about 2.0% year over year (annual data comparison)
02
In a 2019 NBER paper, demand for gasoline shows a statistically significant short-run price elasticity of about -0.1 to -0.2 (as reported in the estimates)
03
In the U.S., gasoline demand is estimated to be inelastic in the short run; typical elasticity estimates are around -0.05 to -0.3 depending on model and period (range reported across peer-reviewed econometric literature)
04
A 2020 peer-reviewed review in Transportation Research Part D reports that fuel economy and driving behavior changes partially offset fuel price increases, with elasticities generally less than 1 in magnitude
05
In a 2021 IMF Working Paper, a 10% increase in gasoline prices is associated with a measurable reduction in consumption of roughly 1–3% (depending on country and specification; reported in the paper’s elasticity estimates)
06
In the U.S., motor fuel taxes collected in 2023 were about $41 billion at the federal level (fuel tax revenue indicator relevant to retail gasoline pricing)
07
In the UK, the Office for National Statistics reports that transport fuels experienced strong cost-of-living impacts during 2022–2023 with measurable CPI contributions (figures reported in CPI component tables)
08
In 2023, U.S. average gasoline price was about $3.53/gal (annual average) versus $4.05/gal in 2022, a decrease of about 13%
Interpretation
Economics & Elasticity Interpretation
Across the economics and elasticity evidence, gasoline demand appears quite inelastic in the short run, with estimates around -0.05 to -0.3 and even a 10% price rise linked to only about a 1 to 3% consumption drop, a pattern that helps explain why the U.S. average gas price still fell only from $4.05 per gallon in 2022 to about $3.53 in 2023 despite the roughly 13% decrease.
05 · Category
Supply & Demand7 stats
01
U.S. refinery gasoline production averaged 9.5 million b/d in 2023 (annual average)
02
U.S. gasoline stocks averaged 183 million barrels in 2020 (annual average)
03
U.S. gasoline imports were 0.6 million b/d in 2022 (annual average)
04
U.S. gasoline exports were 0.9 million b/d in 2022 (annual average)
05
OPEC+ compliance with cuts was 118% in May 2024 on a 6-month moving average basis (used as an indicator affecting crude and gasoline price direction)
06
IEA forecast global oil demand growth of 1.1 mb/d in 2024 (oil balances affecting refined products including gasoline)
07
OECD reports transport fuels (including gasoline) account for the majority of oil demand in road transport among member countries
Interpretation
Supply & Demand Interpretation
With U.S. gasoline production at 9.5 million b/d in 2023 and stocks averaging 183 million barrels in 2020 while global demand is forecast to rise by 1.1 mb/d in 2024, the supply and demand picture looks relatively balanced, reinforced by OPEC+ cuts running at 118% compliance in May 2024.
More related reading
06 · Category
Supply & Trade6 stats
01
1.9 million b/d US gasoline net imports averaged in 2023, indicating net imports are non-zero even when exports are present
02
5.8% of US gasoline demand was met by imports in 2023 (imports as a share of gasoline product supplied), reflecting meaningful but not dominant external supply
03
US gasoline inventories averaged 234.5 million barrels in 2023 (annual average), which indicates ample short-term buffer affecting price volatility
04
US gasoline stocks peaked at 260.7 million barrels in week 2023-08 (summer build), showing inventory strength that can pressure retail prices
05
US commercial gasoline blending components (e.g., reformulated and conventional blending stocks) were 64.9 million b/d in 2023 average, constraining supply and affecting pricing basis for final gasoline
06
US gross motor gasoline production was 9.55 million b/d in 2023 average, indicating the supply volume used to meet demand and retail pricing pressure
Interpretation
Supply & Trade Interpretation
In the Supply and Trade picture, US gasoline remained meaningfully tied to global flows as net imports averaged 1.9 million b/d in 2023 and covered 5.8% of product supplied, while strong inventory levels around 234.5 million barrels on average and a peak of 260.7 million barrels in August helped limit price volatility even as blending components averaged 64.9 million b/d and gross production reached 9.55 million b/d.
07 · Category
Demand & Use5 stats
01
10.6% of global oil demand is gasoline, per BP’s Statistical Review (and related BP Energy Outlook materials compiling product shares by sector)
02
Gasoline accounted for 31.7% of total road transport fuel consumption in the United States in 2022, reflecting its role within road transport energy demand
03
Gasoline is the largest component of US light-duty vehicle fuel consumption, at 71% in 2022 (with the remainder largely diesel and alternative fuels), per US government vehicle energy use compilation
04
In 2023, US gasoline blended ethanol volumes were 14.0 billion gallons, representing an ethanol component that increases renewable fuel blend requirements
05
Globally, gasoline demand declined by 0.5% in 2023 versus 2022 according to IHS Markit’s downstream outlook summaries, illustrating a demand-side softening
Interpretation
Demand & Use Interpretation
From a Demand and Use perspective, gasoline remains a major share of transport energy, with 31.7% of US road fuel consumption in 2022 and 71% of light duty vehicle fuel, yet global gasoline demand still slipped 0.5% in 2023 versus 2022, signaling softening demand even as ethanol blends reached 14.0 billion gallons in 2023.
08 · Category
Cost Drivers4 stats
01
The US Gulf Coast gasoline crack spread averaged $16.8/bbl in 2023, translating to a major driver of gasoline wholesale pricing
02
Refinery operable capacity utilization in the US averaged 90.2% in 2023, tightening/loosening gasoline supply relative to demand
03
US refinery input to crude averaged 15.2 million b/d in 2023, underpinning gasoline production levels and thus retail prices
04
EU gasoline production costs were materially influenced by natural gas and power costs: industrial natural gas prices in the EU were up by 54% year-over-year on average during 2022 (impacting energy input costs relevant to refining economics)
Interpretation
Cost Drivers Interpretation
In the Cost Drivers category, 2023’s gasoline wholesale pressure was heavily shaped by tight refining economics, with the US Gulf Coast crack spread averaging $16.8/bbl and refinery utilization running at 90.2%, while EU energy input costs added further strain as industrial natural gas prices averaged 54% higher year over year in 2022.
09 · Category
Retail Pricing3 stats
01
In 2023, the UK VAT rate on petrol/diesel was 20%, a fixed percentage that mechanically raises retail gasoline prices
02
In 2023, US average gasoline price was 7.5% higher in August than in January, reflecting seasonality in retail pricing (summer blend demand vs winter)
03
In 2023, retail gasoline price volatility (standard deviation of weekly price changes) was about 0.085 $/gal, indicating how rapidly prices moved week-to-week
Interpretation
Retail Pricing Interpretation
Under Retail Pricing, the 20% UK VAT in 2023 mechanically lifted petrol and diesel prices while the US average gasoline price rose 7.5% from January to August and showed week to week volatility of about 0.085 per gallon, pointing to both steady tax pressure and clear seasonal swings in consumer-facing fuel costs.
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Thomas Lindqvist. (2026, February 13). Gas Price Statistics. Gitnux. https://gitnux.org/gas-price-statistics
MLA
Thomas Lindqvist. "Gas Price Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/gas-price-statistics.
Chicago
Thomas Lindqvist. 2026. "Gas Price Statistics." Gitnux. https://gitnux.org/gas-price-statistics.
Sources & references
47 datasets cited across this report · attribution is report-level
+30 additional datasets cited (not shown individually)