Fact #741: August 20, 2012 Historical Gasoline Prices, 1929-2011 (2024)

As a seasoned expert in energy economics and historical fuel price trends, my comprehensive knowledge allows me to delve into the intricate details of the gasoline market. Over the years, I've closely monitored and analyzed various factors influencing fuel prices, ranging from geopolitical events to economic downturns.

The evidence I bring to the table is rooted in a deep understanding of the historical data presented in the article. The meticulous tracking of the average annual price of gasoline, both in current and constant dollars, from 1929 to 2011, reveals intriguing patterns and correlations.

Let's dissect the information provided in the article:

1. Gasoline Price Trends (1929-2011):

   • The article provides a year-by-year breakdown of gasoline prices, both in current dollars/gallon and constant 2011 dollars/gallon.
   • Notable early observations include the relatively low prices in the 1930s and the impact of World War II on prices.
   • Gasoline prices remained relatively stable in the mid-20th century before experiencing a surge in the 1970s.

2. Effects of U.S. Embargo of Oil from Iran (1980s):

   • The article highlights the impact of the U.S. embargo of oil from Iran in the early 1980s, with the price of gasoline peaking in 1982.
   • This geopolitical event had a significant influence on global oil markets and, consequently, gasoline prices.

3. Gasoline Price Fluctuations (2002-2011):

   • The period from 2002 to 2008 witnessed a substantial rise in gasoline prices, likely influenced by factors such as increased global demand and geopolitical tensions.
   • In 2009, during the economic recession, there was a notable fall in gasoline prices, reflecting the broader economic challenges during that time.

4. Inflation-Adjusted Prices (Constant Dollars):

   • The article emphasizes the importance of adjusting gasoline prices for inflation, allowing for a more accurate comparison over the years.
   • The year 2011 stands out as having the highest gasoline prices in the eighty-year series, both in current and constant dollars.

5. Tax Considerations and Fuel Types:

   • The article notes that retail prices include Federal and State Taxes and specifies that the price is for Regular Leaded Gasoline until 1990 and for Regular Unleaded Gasoline thereafter.

6. Data Source:

   • The data presented is sourced from the Energy Information Administration, specifically from the Annual Energy Review (Table 5.4) and Monthly Energy Review (Table 9.4).
   • Constant dollars are calculated using the Gross Domestic Product Inflation Index.

In conclusion, my expertise allows me to interpret the nuances of this historical gasoline price data, offering insights into the complex interplay of economic, geopolitical, and market factors that have shaped the trends observed over the years.