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Conventional US Gas Prices

Gas prices are determined by a number of factors, including production costs, and taxes. However, the main factor affecting gas prices is normally the price of crude oil. When crude oil prices rise, so do gas prices.

Weekly US Regular Conventional Gas Price (dollars per gallon)

For premium gas prices, see here.

The Organization of the Petroleum Exporting Countries (OPEC) is a group of 13 oil-producing countries that work together to regulate the global oil market. By setting production quotas, OPEC can influence the price of oil by controlling the supply.

Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Libya, United Arab Emirates, Algeria, Nigeria, Gabon, Angola, Equatorial Guinea and Congo are the member countries of OPEC.

In times of high demand and low supply, OPEC can cuts production to drive up prices. Conversely, when demand is low and supply is high, OPEC can increase production to bring prices back down.

This makes OPEC a major player in the global oil market and gives its members a considerable amount of power. However, this power also comes with some risk.

If OPEC makes a decision that is not well received by the market, it could lead to a sharp decrease in prices and a loss of revenue for its members. As a result, OPEC must be careful not to upset the delicate balance of the global oil market.

Production costs also play a role in determining gas prices too. If it costs more to produce a gallon of gas, then the price at the pump will be higher. This is because the higher production costs will be passed on to consumers.

A few years ago, the thought of gas prices topping $4 per gallon would have been unthinkable. However, that's exactly what happened in June of 2022. The price of crude oil rose sharply after tensions in Eastern Europe, and when tensions began to boil over, it sent prices skyrocketing.

Finally, taxes can also affect gas prices. If the government imposes a tax on gasoline, that tax will generally be passed on to consumers in the form of higher prices.

The price of gasoline is a major concern for many Americans. The cost of gas affects the price of everything from food to travel, and can have a significant impact on the economy.

There are some things that consumers can do to reduce the impact of high gas prices. One way to save money is to purchase a more fuel-efficient vehicle. Another option is to carpool or use public transportation whenever possible. By taking these steps, consumers can help to offset the rising cost of gas.

The data in the graph is from U.S. Energy Information Administration but may be incorrect. The data and information presented on this site is for entertainment purposes only and we do not guarantee the accuracy of any of that information. The information on this site should not be used in any legal or financial decision making process.