How much for a Gallon of Gas?
According to the U.S. Department of Energy, the average price of a gallon of gasoline in constant 2015 dollars, has fluctuated between a low of $1.47 in 1998 to an 83 year high of $3.80 in 2012.
In 2015 we paid an average of $2.45 for a gallon of gas. As of February 2017, the average price per gallon of gas was $2.36. In Charlottesville the average price is $2.29 and if you shop at Speedway, Costco or Sam’s Club you can pump a gallon of regular for just $1.91. Count your blessings at the pump. Most forecasters currently believe the era of low gas prices is over.
For those of you who remember the ‘good old days’ the price of a gallon of gas at the pump varied between 21 cents in 1929 to 39 cents a gallon in 1973 but in constant 2015 dollars that converts to a range of $2.38 to $1.62.
The cheapest gas in the world used to be found in oil rich Venezuela at 2 cents a gallon, but in February 2016 the government hiked the price as much as 6,000% overnight! That still converts to at just 38 cents for 91 octane but $2.85 for 95 octane. That’s the price you pay for a 700% inflation rate. Ouch! That pales in comparison to Norway who has the dubious distinction of having the highest per gallon price at $6.75.