In 2023, customers at U.S. gas stations were charged on average 3.52 U.S. dollars per gallon, down almost 10.89 percent from 3.95 U.S. dollars in 2022. The price of gasoline is significantly lower in the U.S. than in many other countries. At roughly 8.1 U.S. dollars per gallon, customers in Norway were charged some of the highest gas prices around the world as of October 2022.
Economic downturns increase volatility
The United States saw increased volatility during the global economic slowdown and subsequent recovery between 2008 and 2011. U.S. gasoline prices peaked at 3.62 U.S. dollars per gallon in 2012. Although U.S. gasoline prices dipped in 2013, they remained well above the three-dollar mark throughout 2014. 2015 was different. In light of plummeting crude oil prices, U.S. regular retail prices of gasoline fell to 2.43 in 2015 and a record low of 2.14 in 2016. Although the United States is a large exporter of oil itself, U.S. regular-grade gasoline is usually made from UK Brent, and the price of this crude oil fell by more than 50 percent between 2014 and 2016. Prices began to rebound in 2017.
Gas price fluctuations in recent years
On February 24, 2022, Russia invaded Ukraine, and, in response to the resulting conflict, Western countries have imposed economic sanctions against Russia. In 2022, Russia ranked among the United States' main trade partners for the U.S.'s petroleum imports. However, due to the U.S.’s increase in national production through hydraulic fracking, this was not a record year for finished motor gasoline imports to the United States.
While the U.S.'s dependence on Russian crude oil is relative, Russia was thesecond-largest crude oil exporter worldwide in 2021. The economic sanctions against Russia contributed to crude oil and petrol price inflation in a market which cannot be protected from price disruptions and was already impacted by the COVID-19 pandemic. This contributed to the increase in regular gasoline prices in the United States throughout 2022, up to the highest retail price on record since 1990.
