Fact #540: October 13, 2008
Gasoline Prices Adjusted for Inflation
The average annual price for a gallon of gasoline, when adjusted for inflation, was higher in 1980-81 than it was in 2007. It is projected by the Energy Information Administration (EIA) that the average 2008 price will rise above the high prices of the early eighties. The graph below shows projected value for 2008 as $3.44 in constant 2007 dollars.
Price of a Gallon of Gasoline, 1919-2008
Supporting Information
| Year | Dollars per Gallon | Constant 2007 Dollars per Gallon |
|---|---|---|
| 1919 | 0.25 | 3.05 |
| 1920 | 0.30 | 3.09 |
| 1921 | 0.26 | 3.05 |
| 1922 | 0.25 | 3.12 |
| 1923 | 0.22 | 2.67 |
| 1924 | 0.21 | 2.54 |
| 1925 | 0.22 | 2.63 |
| 1926 | 0.23 | 2.74 |
| 1927 | 0.21 | 2.52 |
| 1928 | 0.21 | 2.53 |
| 1929 | 0.21 | 2.59 |
| 1930 | 0.20 | 2.48 |
| 1931 | 0.17 | 2.31 |
| 1932 | 0.18 | 2.72 |
| 1933 | 0.18 | 2.85 |
| 1934 | 0.19 | 2.92 |
| 1935 | 0.19 | 2.85 |
| 1936 | 0.19 | 2.91 |
| 1937 | 0.20 | 2.89 |
| 1938 | 0.20 | 2.87 |
| 1939 | 0.19 | 2.80 |
| 1940 | 0.18 | 2.72 |
| 1941 | 0.19 | 2.71 |
| 1942 | 0.20 | 2.60 |
| 1943 | 0.21 | 2.46 |
| 1944 | 0.21 | 2.43 |
| 1945 | 0.21 | 2.36 |
| 1946 | 0.21 | 2.21 |
| 1947 | 0.23 | 2.15 |
| 1948 | 0.26 | 2.23 |
| 1949 | 0.27 | 2.33 |
| 1950 | 0.27 | 2.31 |
| 1951 | 0.27 | 2.17 |
| 1952 | 0.28 | 2.15 |
| 1953 | 0.29 | 2.22 |
| 1954 | 0.29 | 2.24 |
| 1955 | 0.29 | 2.25 |
| 1956 | 0.30 | 2.28 |
| 1957 | 0.31 | 2.28 |
| 1958 | 0.30 | 2.18 |
| 1959 | 0.31 | 2.18 |
| 1960 | 0.31 | 2.18 |
| 1961 | 0.31 | 2.13 |
| 1962 | 0.31 | 2.10 |
| 1963 | 0.30 | 2.06 |
| 1964 | 0.30 | 2.03 |
| 1965 | 0.31 | 2.05 |
| 1966 | 0.32 | 2.05 |
| 1967 | 0.33 | 2.06 |
| 1968 | 0.34 | 2.01 |
| 1969 | 0.35 | 1.97 |
| 1970 | 0.36 | 1.91 |
| 1971 | 0.36 | 1.87 |
| 1972 | 0.36 | 2.00 |
| 1973 | 0.39 | 1.81 |
| 1974 | 0.52 | 2.20 |
| 1975 | 0.57 | 2.21 |
| 1976 | 0.59 | 2.17 |
| 1977 | 0.62 | 2.12 |
| 1978 | 0.63 | 2.00 |
| 1979 | 0.86 | 2.46 |
| 1980 | 1.25 | 3.13 |
| 1981 | 1.38 | 3.14 |
| 1982 | 1.26 | 2.70 |
| 1983 | 1.20 | 2.51 |
| 1984 | 1.18 | 2.35 |
| 1985 | 1.17 | 2.25 |
| 1986 | 0.89 | 1.68 |
| 1987 | 0.91 | 1.66 |
| 1988 | 0.91 | 1.59 |
| 1989 | 0.98 | 1.65 |
| 1990 | 1.13 | 1.79 |
| 1991 | 1.10 | 1.68 |
| 1992 | 1.09 | 1.61 |
| 1993 | 1.07 | 1.53 |
| 1994 | 1.07 | 1.50 |
| 1995 | 1.11 | 1.51 |
| 1996 | 1.20 | 1.58 |
| 1997 | 1.20 | 1.55 |
| 1998 | 1.03 | 1.31 |
| 1999 | 1.14 | 1.41 |
| 2000 | 1.49 | 1.79 |
| 2001 | 1.43 | 1.67 |
| 2002 | 1.34 | 1.55 |
| 2003 | 1.56 | 1.76 |
| 2004 | 1.85 | 2.03 |
| 2005 | 2.27 | 2.41 |
| 2006 | 2.58 | 2.65 |
| 2007 | 2.81 | 2.81 |
| 2008* | 3.61 | 3.44 |
|
* Data for the remaining months of 2008 are forecasted by EIA using the Short Term Energy Outlook model. | ||
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