U.S. Retail Gasoline Prices Averaged Less in 2024

SEATTLE (Oil Monster): According to a recent news release from the U.S. Energy Information Administration (EIA), the average retail price of standard grade gasoline in the United States in 2024 was $3.30 per gallon, which was about 20 cents less than the price in 2023. The year-over-year decline in crude oil prices and tight refining margins were the primary causes of the lower average prices.

According to the report, national average weekly gasoline prices decreased $0.08/gal from the first week of 2024 through the last week of the year. In late April, the price peaked at $3.67/gal, which was less than the peak of $3.88/gal in 2023. Early in December, the annual low of $3.01/gal was recorded. For the remainder of the year, the prices stayed at their reduced level.

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Regional differences in supply and demand, as well as differences in fuel standards and taxes, are the primary causes of the regional disparities in U.S. gasoline pricing, EIA noted. The Gulf Coast of the United States recorded the lowest average yearly retail price of $2.89/gallon for normal grade gasoline, while the West Coast reported the highest price of $4.18/gal.

Compared to 2023, the average price of gasoline in the United States was lower in every region in 2024. The Rocky Mountains experienced the biggest drop, with prices falling by $0.42/gal, while the West Coast saw a $0.33/gal drop from the 2023 level.