July 2008 marked the highest nationwide average gasoline price ($5.10 per gallon) when adjusted for inflation. Crude oil prices affect the price of gasoline, but many other factors also contribute to the often-changing price of gasoline. From 2011 to 2014, the average gasoline price was between $4 and $5 per gallon, adjusted for inflation. The lowest gasoline price in recent times was in April 2020.
Note: Adjusted by the Bureau of Labor Statistics’ Consumer Price Inflation Index.
Source: Energy Information Administration, Monthly Energy Review, April 2022, Table 9.4.