How Do Gasoline Prices Now Compare with Historical Prices?
There are two ways to compare recent prices with historical prices. One is to compare the price actually paid at the pump, or the “nominal” price. The other is to compare the “real” price, which is the price adjusted for inflation, so that prices in the past are in “today’s” dollar value.
The graph below shows the average annual nominal and real prices of regular gasoline from 1919 through 2008 and the projected annual average price for 2009 and 2010 (as projected in the most recent monthly Short-Term Energy Outlook). The real price is based on the value of the dollar in 2008. Over this entire span of time, consumers paid the highest prices for gasoline in real terms in 1922, 1981, and 2008.
Find the latest gasoline price information at:
- Gasoline and Diesel Fuel Update — weekly U.S. and regional gasoline and diesel fuel price data
- Short-Term Energy Outlook — projected average annual gasoline prices for this year and the next, updated monthly