U.S. Department of Energy - Energy Efficiency and Renewable Energy
Vehicle Technologies Program
Fact #123: April 10, 2000
U.S. Gasoline and Oil Prices: January 1998 - March 2000
A glut of oil on the market in 1998, due in part to the Asian economic crisis, lead to declining oil and gasoline prices. In December of that year, the U.S. paid 35% less for crude oil than in January, and consumers paid 12% less for gasoline. In January 1999, OPEC and four other oil exporting nations cut production by 2.1 million barrels per day — 3% of world production. World oil prices climbed dramatically afterward, and by March of 2000, crude oil cost 81% more than in January 1998 and 180% more than in December 1998. The average retail price of gasoline in March 2000 was 31% higher than in January 1998, and 49% higher than December 1998.
Supporting Information
| Index (Jan. 1998 = 1.00) |
| Date |
Gasoline Retail
Price |
Crude Oil Price
(Brent Spot) |
| Jan 98 |
1.000 |
1.000 |
| Feb 98 |
0.959 |
0.932 |
| Mar 98 |
0.925 |
0.863 |
| Apr 98 |
0.933 |
0.885 |
| May 98 |
0.966 |
0.947 |
| Jun 98 |
0.968 |
0.805 |
| Jul 98 |
0.956 |
0.802 |
| Aug 98 |
0.934 |
0.788 |
| Sep 98 |
0.920 |
0.879 |
| Oct 98 |
0.927 |
0.838 |
| Nov 98 |
0.916 |
0.729 |
| Dec 98 |
0.882 |
0.648 |
| Jan 99 |
0.869 |
0.728 |
| Feb 99 |
0.855 |
0.676 |
| Mar 99 |
0.884 |
0.815 |
| Apr 99 |
1.039 |
1.003 |
| May 99 |
1.040 |
1.002 |
| Jun 99 |
1.015 |
1.034 |
| Jul 99 |
1.049 |
1.248 |
| Aug 99 |
1.104 |
1.335 |
| Sep 99 |
1.125 |
1.479 |
| Oct 99 |
1.121 |
1.446 |
| Nov 99 |
1.112 |
1.606 |
| Dec 99 |
1.141 |
1.673 |
| Jan 00 |
1.143 |
1.665 |
| Feb 00 |
1.207 |
1.826 |
| Mar 00 |
1.312 |
1.813 |
|
Note: Gasoline retail price is the national average for all grades, including taxes.
Sources: U.S. Department of Energy, Energy Information Administration.
Gasoline prices through Jan. 2000: Monthly Energy Review, Table 9.4;
February and March 2000: EIA, Gasoline and Diesel Fuel Update, Retail Gasoline Prices.
Crude oil Brent spot price: EIA International Energy Prices. |
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