In the second quarter of 2022, the average retail price for a gallon of regular gasoline stood at around 4.49 U.S. dollars, up from the previous quarter.
A glut in oil supply between 2014 and 2016 forced down prices and led to a low average U.S. gasoline price of roughly 1.9 U.S. dollars per gallon in the first quarter. Gasoline prices fluctuated considerably between 2019 and 2020 as a result of tensions between the United States and other oil exporters, such as Iran, and stifling oil demand during the Covid-19 pandemic. The price of West Texas Intermediate briefly dipped in the negative in April 2020.
Seasonal price variations
There are periodic fluctuations in gasoline prices in the United States, where the second and third quarters are typically more expensive than the rest of the year. One of the factors contributing to changing gasoline prices is a decrease in production from refineries due to maintenance work in tandem with an increase in demand, as holiday goers make road-trips. Gasoline will revert to cheaper winter-grade in September. Annual motor vehicle consumption in the United States was around 128 billion gallons as of 2020.
Average quarterly retail price of regular gasoline in the United States between 1st quarter of 2015 and 2nd quarter of 2022 (in U.S. dollars per gallon)*
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EIA. (September 6, 2022). Average quarterly retail price of regular gasoline in the United States between 1st quarter of 2015 and 2nd quarter of 2022 (in U.S. dollars per gallon)* [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/671580/quarterly-retail-price-of-gasoline-in-the-united-states/
EIA. "Average quarterly retail price of regular gasoline in the United States between 1st quarter of 2015 and 2nd quarter of 2022 (in U.S. dollars per gallon)*." Chart. September 6, 2022. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/671580/quarterly-retail-price-of-gasoline-in-the-united-states/
EIA. (2022). Average quarterly retail price of regular gasoline in the United States between 1st quarter of 2015 and 2nd quarter of 2022 (in U.S. dollars per gallon)*. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/671580/quarterly-retail-price-of-gasoline-in-the-united-states/
EIA. "Average Quarterly Retail Price of Regular Gasoline in The United States between 1st Quarter of 2015 and 2nd Quarter of 2022 (in U.S. Dollars per Gallon)*." Statista, Statista Inc., 6 Sep 2022, https://www.statista.com/statistics/671580/quarterly-retail-price-of-gasoline-in-the-united-states/
EIA, Average quarterly retail price of regular gasoline in the United States between 1st quarter of 2015 and 2nd quarter of 2022 (in U.S. dollars per gallon)* Statista, https://www.statista.com/statistics/671580/quarterly-retail-price-of-gasoline-in-the-united-states/ (last visited July 22, 2024)
Average quarterly retail price of regular gasoline in the United States between 1st quarter of 2015 and 2nd quarter of 2022 (in U.S. dollars per gallon)* [Graph], EIA, September 6, 2022. [Online]. Available: https://www.statista.com/statistics/671580/quarterly-retail-price-of-gasoline-in-the-united-states/
