Annual US Gas Price History
| Year | Annual Avg | Peak Price | Key Event |
|---|---|---|---|
| 2026 | $4.87 | $5.12 (Mar) | Iran closes Strait of Hormuz (Feb). Ceasefire brokered (Apr). |
| 2025 | $4.26 | $4.48 | OPEC+ production cuts; moderate geopolitical tensions. |
| 2024 | $3.56 | $3.88 | Global demand recovery; OPEC+ maintained output controls. |
| 2023 | $3.53 | $3.88 | Post-Ukraine normalization. Demand softened by rate hikes. |
| 2022 | $3.96 | $5.01 (Jun) Record | Russia invades Ukraine (Feb). Brent briefly above $130/bbl. |
| 2021 | $3.01 | $3.41 | Post-COVID demand surge. Colonial Pipeline hack (May). |
| 2020 | $2.17 | $2.60 | COVID-19 pandemic — demand collapse. Prices hit 20-year lows. |
| 2019 | $2.60 | $3.00 | US-Iran tensions. Gulf of Oman tanker attacks. |
| 2018 | $2.72 | $2.97 | Strong demand, OPEC cuts, Iran sanctions. |
| 2015–17 | $2.14–$2.45 | $2.80 | US shale boom crashes prices. OPEC floods market. |
| 2014 | $3.36 | $3.69 | Geopolitical premium fades as shale output surges. |
| 2012–13 | $3.51–$3.63 | $3.93 | Arab Spring, Libyan disruptions keep Brent elevated. |
| 2011 | $3.52 | $3.97 | Libya conflict, Arab Spring. Brent reaches $127/bbl. |
| 2008 | $3.27 | $4.11 (Jul) Then-Record | Commodities supercycle peaks. Brent hits $147/bbl in July. |
| 2005–07 | $2.27–$2.81 | $3.23 | Hurricane Katrina (2005), rising demand from China/India. |
| 2000–04 | $1.47–$1.85 | $2.05 | Stable oil era. 9/11 caused brief spike then rapid decline. |
The Biggest Price Spikes in History
2008 — The Commodity Supercycle: Brent crude hit $147/barrel in July 2008 as surging demand from China and India collided with a weak dollar and speculative trading. The US national average peaked at $4.11/gal. Prices collapsed by December 2008 to below $1.70/gal as the financial crisis destroyed demand.
2022 — Russia Invades Ukraine: The previous all-time nominal record. Russia's February 2022 invasion disrupted global oil and gas markets. Combined with post-COVID demand recovery and OPEC+ production restraint, Brent briefly exceeded $130/barrel. The US average hit $5.01/gal in June 2022 — the first time the national average ever crossed $5. Prices fell sharply in H2 2022 as the Fed hiked rates and demand softened.
2026 — The Hormuz Crisis: Iran's closure of the Strait of Hormuz in February 2026 removed 20% of global oil supply from the market. The US average hit $5.12/gal in March — briefly exceeding the 2022 record. The April 2026 ceasefire has started to bring relief, with analysts projecting prices to fall $0.30–$0.50/gal within weeks if the deal holds.
How Today's Prices Compare
The spring 2026 average of ~$4.87/gal is historically high in nominal terms — but adjusted for inflation, the 2008 peak near $4.11/gal was actually more painful relative to wages at the time. Gas prices in 2024 dollars would need to reach about $5.80/gal to equal the real purchasing-power burden of the 2008 spike.
The lowest gas prices in modern US history came in April 2020 — $1.78/gal nationally — as COVID-19 lockdowns destroyed demand and OPEC+ initially failed to cut production. That appears to be a once-in-a-generation event tied to a global economic shutdown, not a realistic baseline expectation.
Track the current live price and forecast on our homepage, or see our detailed 2026 gas price forecast.