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Fact #426: May 29, 2006
The Big Picture on Gasoline Prices

On average, the price of gasoline in recent years is higher than it has ever been before; however, when adjusted for inflation (constant dollars), gasoline cost more in 1981 than it does today.

Supporting Information

Retail Price of Gasoline, 1920-2006

Year	Retail Gasoline Price (current dollars/gallon)	Retail Gasoline Price (constant 2005 dollars/gallon)
1920	0.30	2.91
1921	0.26	2.87
1922	0.25	2.93
1923	0.22	2.51
1924	0.21	2.39
1925	0.22	2.48
1926	0.23	2.58
1927	0.21	2.37
1928	0.21	2.39
1929	0.21	2.45
1930	0.20	2.33
1931	0.17	2.18
1932	0.18	2.56
1933	0.18	2.68
1934	0.19	2.75
1935	0.19	2.69
1936	0.19	2.73
1937	0.20	2.71
1938	0.20	2.70
1939	0.19	2.63
1940	0.18	2.57
1941	0.19	2.55
1942	0.20	2.45
1943	0.21	2.32
1944	0.21	2.28
1945	0.21	2.22
1946	0.21	2.08
1947	0.23	2.02
1948	0.26	2.10
1949	0.27	2.20
1950	0.27	2.17
1951	0.27	2.04
1952	0.28	2.03
1953	0.29	2.10
1954	0.29	2.11
1955	0.29	2.12
1956	0.30	2.15
1957	0.31	2.15
1958	0.30	2.05
1959	0.31	2.05
1960	0.31	2.05
1961	0.31	2.01
1962	0.31	1.98
1963	0.30	1.94
1964	0.30	1.91
1965	0.31	1.93
1966	0.32	1.93
1967	0.33	1.94
1968	0.34	1.89
1969	0.35	1.85
1970	0.36	1.80
1971	0.36	1.76
1972	0.36	1.69
1973	0.39	1.70
1974	0.52	2.08
1975	0.57	2.06
1976	0.61	2.11
1977	0.66	2.11
1978	0.67	2.01
1979	0.90	2.43
1980	1.25	2.95
1981	1.38	2.96
1982	1.30	2.62
1983	1.24	2.43
1984	1.21	2.28
1985	1.20	2.18
1986	0.93	1.65
1987	0.95	1.63
1988	0.95	1.56
1989	1.02	1.61
1990	1.16	1.74
1991	1.14	1.63
1992	1.13	1.57
1993	1.11	1.50
1994	1.11	1.47
1995	1.15	1.47
1996	1.23	1.53
1997	1.23	1.50
1998	1.06	1.27
1999	1.17	1.37
2000	1.51	1.71
2001	1.46	1.61
2002	1.36	1.47
2003	1.59	1.69
2004	1.88	1.94
2005	2.30	2.30
2006*	2.40	2.35
* March 2006 only. Source: Energy Information Administration, Monthly Energy Review, April 2006, Table 9.4. Historical data from 1920-1975 are from other EIA sources. Consumer Price Index from the Bureau of Labor Statistics was used to calculate constant dollars.

 

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