Annual Gas Average

War with Iran and the Hormuz closure sharply raised gasoline and diesel prices.

• ↗Crude oil and petroleum product prices increased sharply in the first quarter of 2026https://www.eia.gov/todayinenergy/detail.php/detail.php?id=67424
• ↗Hormuz closure and related production outages are key drivers in EIA’s latest forecasthttps://www.eia.gov/pressroom/releases/press586.php

Lower oil costs, added refinery capacity, and softer demand reduced fuel prices.

• ↗EIA expects average U.S. gasoline and diesel prices to decrease in 2024 and 2025https://www.eia.gov/todayinenergy/detail.php?id=61243
• ↗In 2025, U.S. retail gasoline prices decreased for third consecutive yearhttps://www.eia.gov/todayinenergy/detail.php?id=66964

Russia’s invasion, sanctions, and low inventories drove gasoline and diesel prices higher.

• ↗Energy commodity prices in 2022 showed effects of Russia’s full-scale invasion of Ukrainehttps://www.eia.gov/TODAYINENERGY/detail.php?id=55059
• ↗U.S. retail gasoline prices rose in summer but ended 2022 lower than start of 2022https://www.eia.gov/todayinenergy/detail.php?id=55099

Economic reopening revived travel faster than fuel supply, lifting gasoline and diesel prices.

• ↗Retail gasoline prices rose across the United States in 2021 as driving increasedhttps://www.eia.gov/todayinenergy/detail.php?id=50758
• ↗EIA expects gasoline and diesel prices to increase as U.S. economy recovershttps://www.eia.gov/todayinenergy/detail.php?id=46536

Pandemic travel restrictions crushed fuel demand, lowering gasoline and diesel prices.

• ↗EIA expects gasoline and diesel prices to increase as U.S. economy recovershttps://www.eia.gov/todayinenergy/detail.php?id=46536
• ↗U.S. average gasoline prices and vehicle travel fell to multiyear lows in 2020https://www.eia.gov/todayinenergy/detail.php?form=MG0AV3&id=46356