Fact #741: August 20, 2012 Historical Gasoline Prices, 1929-2011

After the inflation adjustment, the annual average price of gasoline in 2011 was $ 1.24 higher than the price of gasoline in 1929. The impact of US embargo on Iran's oil economy is seen in the early 1980s when gasoline prices peaked in 1982. Gasoline prices rose sharply between 2002 and 2008, but then fell during the recession of 2009. In 2011, the price was the best of the 88 series current and fixed dollar.

Source: Energy Information Administration, Annual Energy Assessment, Table 4 and Monthly Energy Assessment, Table 4

Historically, retail gasoline prices tend to rise gradually in the spring and peaks occur when people frequently drive during the summer. Gasoline prices in winter are generally low. Gasoline specifications and formulations also vary depending on the season. According to environmental regulations, gasoline sold in the summer is not required to evaporate during the warm season. This requirement means that refineries must replace less expensive and more volatile gasoline components with less evaporable and more expensive components. The average monthly price of US retail grade gasoline in August from 2000 to 2017 was about 36 cents higher per gallon than the average price in January.

After the inflation adjustment, the annual average price of gasoline in 2011 was $ 1.24 higher than the price of gasoline in 1929. The impact of US embargo on Iran's oil economy is seen in the early 1980s when gasoline prices peaked in 1982. Gasoline prices rose sharply between 2002 and 2008, but then fell during the recession of 2009. In 2011, the price was the best of the 88 series current and fixed dollar.

The big difference between gasoline prices and the historical rise in electricity prices is based on the fact that the former is clearly not renewable but the latter can be reclaimed - and the electricity price stabilized by myriad numbers doing. Forecasting these figures to the expected 6, 11, 15 year level results in the following results. This is amazing for ICE vehicle enthusiasts - perhaps frustrating - but if you think about it, this should not be surprising. In particular, the cost of solar energy seen in the past decade has dramatically declined. Electricity rates are very stable with time, but it is easy for us to forget that natural gas in the US rose by around 1 gallon dollars 20 years ago and rose to over $ 4 a gallon in the next decade . The average in June last year was $ 2.42