Gasoline Inflation in the United States (1968-2024) (2024)

FAQs

How much was a gallon of gas in 1968? ›

For the last 12 months, energy prices were up 2.1%, lower than the overall 3.5% inflation. Gasoline gained 1.3% for the past year, while electricity jumped 5%.

2012 had the highest gas price when adjusted for inflation. In 2023, gas was $1.25 below its highest price point.

That was in the early 70s. 33 cents a gallon.

Throughout the 1920s, gas prices averaged 21 to 30 cents per gallon. As the Depression deepened, demand fell and competition for customers intensified. By 1930, prices were down to 20 cents per gallon and would continue to fall for the next decade. In many areas, gas prices were less than 10 cents a gallon.

The average national gas price is up 23 cents to $3.62 per gallon over the past month, according to AAA, and could keep climbing as oil has been steadily rising. Rising prices at the pump were one reason inflation increased in March over February numbers, according to the consumer price index released Wednesday.

In the short term. higher inflation tends to lead to higher oil prices. In the longer term, if the Federal Reserve raises interest rates and slows economic growth to control inflation, oil prices could decline as a result.

Analysts at GasBuddy and the U.S. Energy Information Administration expect fuel prices to continue to fall throughout 2024, with consumers paying the lowest price per gallon since 2021.

How much is a loaf of bread in 2024? ›

Bread now costs over $2 per pound — $2.03, to be exact, as of January. Last January, the same pound cost just $1.89 for a year-over-year increase of 7.7%. A standard loaf of sliced white bread weighs 20oz, which means a loaf costs about $2.54, so $20 can buy you just shy of eight loaves.

On April 3, 2024, the price of regular gasoline was highest in California, at around 5.15 U.S. dollars per gallon. This was some 1.5 dollars above the national average of 3.55 U.S. dollars.

In 1970, a gallon of gas cost 36 cents. By 1981, it had more than tripled to $1.19.

A gallon of regular gasoline would have cost 36 cents in 1972, the equivalent of $2.53 a gallon today. The Organization of Petroleum Exporting Countries (OPEC) put an embargo on foreign oil imports between 1973 and 1974, which tripled the price of gasoline, to $1.19, by 1980.

In 1978, the average price of a gallon of regular unleaded gasoline in U.S. cities ranged from 65 cents to 71 cents. During 2013 (January through October), it ranged from $3.35 to $3.74—over 5 times higher than the 1978 prices.

What year did gas go over one dollar? The average price of gas first went over $1 a gallon in 1980, when it went from $0.86 per gallon to $1.19 per gallon. When was the last time gas was under $2 a gallon? The last time the average price of gas was less than $2 was 15 years ago, in 2004.

Gas cost 30 cents a gallon, a loaf of bread. cost 21 cents, a movie ticket set you back about $1.25.

A gallon of regular gasoline would have cost 36 cents in 1972, the equivalent of $2.53 a gallon today. The Organization of Petroleum Exporting Countries (OPEC) put an embargo on foreign oil imports between 1973 and 1974, which tripled the price of gasoline, to $1.19, by 1980.