During an address to the nation on TV and radio, President Nixon revealed Project Independence and said this would lead to greater self-sufficiency for America. A couple of years later, Congress passed the Energy Policy and Conservation Act in 1975. This created the first fuel-efficiency standards for vehicles and the Strategic Petroleum Reserve, the world’s largest supply of emergency crude oil. As of Tuesday morning, 28 states have average prices over $4. Only five states – South Dakota, Kansas, Missouri, Oklahoma and Arkansas – averaged less than $3.80. The cost for diesel is nearing the record of $4.84, also set in July 2008.
On the other end of the spectrum, the state of Washington had the most modest decrease – about 5.5%. A gallon of regular gas in Washington cost $4.60 on average a year ago, compared to $4.40 today. Youwould simply use the search feature provided to enter the state youlive in and it will tell you the stores that have the lowest gasavailable and the highest price. It also averages the gas price pergallon for the entire United States and Canada areas.
Two major gasoline pipelines shut down for a few days, leading to shortages on the East Coast. Other parts of the country, especially Northern states, were not as affected by rising gas prices because their refineries had easier access to Canadian oil. The national average gas price rose from $3.16 per gallon on May. 15, 2025, to $3.17 per gallon on May. 22, 2025 — an increase of $0.01 per gallon or about 0%.
- With nationwide availability and a raft of discounts, GEICO is a popular, and often affordable, choice for car insurance.
- Comparing car insurance rates can help you determine which companies are worth requesting a quote from, so you can compare those, too.
- The last time the average price of gas was less than $2 was 15 years ago, in 2004.
- Energy Information Administration (EIA)(9), the average cost for a gallon of gas in the US since 1929 is $1.10, but that doesn’t factor in the value of a dollor.
If we account for inflation, the average cost of gas since 1929 is actually $3.34, which is about $0.18 more than the $3.17 we’re paying today. Investment advisory services are provided by Atomic Invest. Atomic Invest also shares a percentage of compensation received from margin interest and free cash interest earned by customers with NerdWallet. NerdWallet is not a client of Atomic Invest, but our engagement with Atomic Invest gives us an incentive to refer you to Atomic Invest instead of another investment adviser.
One was economic globalization fueling increased demand from developing countries. Others were stagnant oil and gasoline production in the U.S. and abroad, along with financial speculation of a looming recession in the U.S. economy. And ongoing instability in the Middle East also caused oil and gas prices to increase steadily over the lmfx review decade from 1998 to 2008. The national average gas price this week is $3.17, up from $3.16. Over the past seven years, the price of gas has averaged $3.05 per gallon — or $0.11 a gallon less expensive than today.
The recent surge in gas prices is partly due to Russia’s late-February invasion of Ukraine, which has spooked the global oil market. But prices were already climbing before the invasion, due to the COVID-19 pandemic. Back in 2020, when COVID first emerged, the pandemic caused an enormous drop in demand, as people stopped traveling.
Average annual rates for millennials, by company
The cost of crude oil drives 55% of the price, while 14% comes from the refinery process. And taxes make up the final 15%, AAA national spokesperson Andrew Gross told How Stuff Works. Gas prices reached a historic $5.01 per gallon for regular unleaded on June 14, 2022, and $5.81 for diesel on June 19, 2022. Russia invaded Ukraine in February, and weeks later, President Biden announced the US ban on imports of Russian oil, liquified natural gas (LNG), and coal. There were also production disruptions in countries such as Syria, Sudan, and Yemen. In total, this took about 1 million barrels of oil a day off the market.
- Citizens in some of the world’s oil-rich countries luck out, though.
- But prices were already climbing before the invasion, due to the COVID-19 pandemic.
- Iran, Libya and Venezuela were charging their citizens a pittance for gas — between 10 and 19 cents per gallon as of March 14, 2022.
What was the average gas price in California in 2012?
This conflict of interest affects our ability to provide you with unbiased, objective information about the services of Atomic Invest. This could mean that the services of another investment adviser with whom we are not engaged could be more appropriate for you than Atomic Invest. Advisory services through Atomic Invest are designed to assist clients in achieving a favorable outcome in their investment portfolio. For more details about Atomic Invest, please see the Form CRS, Form ADV Part 2A, the Privacy Policy, and other disclosures. Start by reading NerdWallet’s analysis of the cheapest car insurance, and then compare rates online from companies that offer the cheapest rates in your state. You can also work with an independent agent, who can get quotes from a variety of insurers.
The fuel-savings app GasBuddy projects prices will probably average $4.25 in May and stay over $4 until November. Finder US is an information service that allows you to compare different products and providers. We do not recommend specific products or providers, however may receive a commission from the providers we promote and feature. Charging at home may cost you in the ballpark of $40 per month, if you drive 14,000 miles per year and get four miles per kilowatt-hour (kWh). We base the at-home cost on the average home electricity cost of 14 cents per kWh, according to the Energy Information Administration(5). Gas prices are the top concern for American adults, with 86% saying they are concerned about the price of gas going forward, according to Finder’s Consumer Confidence Index.
Gas Inflation Calculator
Although bundling can offer discounts and convenience, in some cases you may metatrader vps find better prices or coverage by buying your policies from two separate companies. According to AAA’s numbers, New Hampshire posted the largest year-over-year decrease with a 17.36-percent reduction. A year ago, New Hampshire residents were paying $3.51 per gallon of regular gas on average.
In the US itlists the lowest gas prices of all 50 states and the highest of all50 states also. The national average for a gallon of gas on April 13 was about $4.08, according to AAA, and a gallon briefly topped $6 in some parts of the country last month. Oil-rich countries such as Iran, Libya, and Venezuela have seen the lowest gas prices, from only 10 to 19 cents per gallon during the same period.
Keep reading to learn how the cost has changed over the last 100 years. With nationwide availability and a raft of discounts, GEICO is a popular, and often affordable, choice for car insurance. There are three main ways to shop for car insurance, each with pros and cons.
Where can I get cheap car insurance?
In states where it’s allowed, carriers use credit history to determine how likely you are to file a claim. A car insurance quote is an estimate of what you might pay for an auto policy. Insurers use information you provide, like your age and location, to determine the quote. An insurer can offer cheap rates in one state and not-so-cheap rates in another. I stayed on my parents’ policy after college and moved to a new state — it took two years before I found out I could get better coverage for almost half the price. I would have saved so much money if I had just been proactive and compared rates before I moved.
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NerdWallet writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our writing and data analyses. Hawaii has the highest gas prices topping four and a halfdollars. “I think on the West Coast we could see how to invest in stocks prices close to $6 a gallon,” Tom Kloza, global head of energy analysis at OPIS, told CNBC last month. “I think for the rest of the country, I’m in the $4.25 to $4.75 camp.”
