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Gasoline explained Gasoline prices and outlook

How do recent gasoline prices compare with historical prices?

Two ways to compare current gasoline prices with historical prices are by the nominal price or the real price. The graph below shows the average annual nominal and real prices of retail regular-grade gasoline from 1976 through 2024. The real prices are based on the value of the U.S. dollar in January 2023. The graph also shows the U.S. Energy Information Administration's (EIA) forecast for average annual prices for 2023 and 2024 in the February 2023 Short-Term Energy Outlook.

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EIA publications that provide historical, recent, and projected U.S. retail gasoline prices (including federal, state, and local taxes) include:

Last updated: February 22, 2023