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Gas prices in May 2022

Car At Fuel Pump
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The current national average price of regular gas is $4.24 per gallon, which is more than a full dollar increase over prices in 2020. The higher price tag for gas is felt in every driver’s wallet, and the price has reached levels not seen since 2008, when gas cost drivers $4.11 per gallon. Gas prices have decreased overall in the past 10 years, but Americans are now seeing a significant increase compared to 2020.

Numerous factors impact the price drivers pay at the pump, including the cost of crude oil, taxes, distribution and refining. Gas prices also depend on the ZIP code you fill up in, with states in the West paying the highest gas prices on average and Southeastern states paying the lowest.

Key gas price statistics

The key takeaways regarding how much drivers are currently paying in gas prices include:

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  • The current national average cost of gas is $4.52.
  • The average cost of gas has increased 96% in the last year, from when it was $2.16.
  • The highest recorded average price of regular gas was $4.33 in March of 2022.
  • California currently maintains the spot for the state with the highest average price of gas, with regular prices averaging $6.02 per gallon.
  • Current gas prices are now at a seven-year high, largely due to sanctions on Russian oil.

Why gas price matters

Gas prices impact personal budgets and finances for all drivers. As the cost of gas increases, it could mean having less money to spend on other necessities, such as food and housing. On the other hand, when regular gas prices decrease, it may free up money in drivers’ budgets to spend on premium gas, if a vehicle requires it. Although drivers can take steps to manage the amount of gas their vehicle consumes, gas prices are largely out of a driver’s control.

Higher gas costs may cause people to hold off on filling up their vehicles, which can cause vehicle damage and increase the chance of being stranded. Filling up at appropriate times with the right fuel is as important to vehicle ownership as carrying adequate auto insurance and keeping up with maintenance.

Gas prices by year

Gas prices within the last 10 years highlight how volatile the market can be. The table below highlights the average price per gallon for regular grade fuel by year. Compared to 2011, gas prices have decreased from $3.52 per gallon for regular fuel to $3.19 in 2021, but current prices have increased significantly since 2020.

Year Average price per gallon (regular grade)
2011 $3.52
2012 $3.62
2013 $3.51
2014 $3.36
2015 $2.43
2016 $2.14
2017 $2.42
2018 $2.72
2019 $2.60
2020 $2.17
*2021 $3.19

*2021 price sourced from AAA

Historical gas prices and trends

Fluctuations in gas prices are a normal trend around the globe and there are numerous events that may cause further increases or decreases in prices. Gas prices are tied to supply and demand, which is why average gas prices by year can change dramatically. As demand for gas increases, the price of gas typically increases with it.

In 2020, Americans experienced the reverse end of the spectrum. There was less demand for gas due to many countries imposing lockdowns and limiting travel due to COVID-19. As a result, gas supply saw an unexpected increase with less demand, which brought the average price of gas down.

Historical gas prices also show how changes in cost can occur anytime there is a disruption in the supply chain, such as a fire or damage to a refinery. These events negatively affect the price of gas. For example, in 2008, when gas prices were at their highest, the cause was due to a combination of unprecedented demand from China, the Middle East and Latin America, as well as uncertainty in the supply chain, which all put pressure on the cost drivers paid. Gas price fluctuation over the last ten years demonstrates how vulnerable pricing is to changes in supply, demand, disruptions and weather.

Gas prices by state

The gas prices chart below illustrates how much the cost of gas can vary from one state to another. California, Hawaii and Nevada hold the top spots for having the most expensive current gas prices. The least expensive regular gas prices are found in Oklahoma, Mississippi and Texas.

States in the Southeast and parts of the Midwest, with the exception of Florida and Georgia, are paying the lowest amounts in the country. The Western states, including Alaska and Hawaii, are paying the highest gas prices. In some cases, drivers are paying over $1.50 more per gallon than the national average, such as in California.

State Regular
Alabama $4.241
Alaska $5.004
Arizona $4.813
Arkansas $4.083
California $6.021
Colorado $4.127
Connecticut $4.596
Delaware $4.460
District of Columbia $4.860
Florida $4.503
Georgia $4.064
Hawaii $5.335
Idaho $4.541
Illinois $4.843
Indiana $4.522
Iowa $4.124
Kansas $4.006
Kentucky $4.255
Louisiana $4.186
Maine $4.617
Maryland $4.490
Massachusetts $4.656
Michigan $4.490
Minnesota $4.110
Mississippi $4.124
Missouri $4.074
Montana $4.296
Nebraska $4.112
Nevada $5.198
New Hampshire $4.581
New Jersey $4.654
New Mexico $4.304
New York $4.805
North Carolina $4.266
North Dakota $4.130
Ohio $4.358
Oklahoma $4.011
Oregon $5.064
Pennsylvania $4.678
Rhode Island $4.632
South Carolina $4.228
South Dakota $4.168
Tennessee $4.238
Texas $4.214
Utah $4.567
Vermont $4.625
Virginia $4.342
Washington $5.095
West Virginia $4.340
Wisconsin $4.289
Wyoming $4.255

Gas prices by season

Seasonal weather is another factor influencing how much drivers pay at the pump. In the last 10 years, the least expensive months for gas prices have been November, December and January. The most expensive months have been May, June and July. Since gas prices are tied to supply and demand, it makes sense that prices are higher during the summer months when demand is higher. Higher prices could also result from weather-related events, such as hurricanes, which can disrupt and put added pressure on the demand.

Month Previous 10-year average gas price
January $2.77
February $2.83
March $2.96
April $3.02
May $3.07
June $3.05
July $3.02
August $3.01
September $3.01
October $2.93
November $2.81
December $2.72

How to save gas

When it comes to gas prices, the volatility and fluctuations in the market are out of drivers’ hands. However, you can take steps to save how much gas you use and keep your monthly budget in line.

  1. Choose a vehicle with greater fuel efficiency. Look for models that get the best fuel economy in their class and avoid buying too large of an engine if possible. Vehicle type makes a large impact on the amount of gas used.
  2. Avoid driving at high speeds when possible. For every five mph above 50 mph, drivers essentially pay an additional $0.22 per gallon of gasoline, according to the U.S. Department of Energy. Aggressive driving, such as speeding, braking too hard and accelerating too fast, also impacts the amount of fuel used,
  3. Combine trips for errands. Try to combine as many short trips together as you can. This saves fuel by limiting trips and preventing you from having to warm up your vehicle as often.
  4. Keep heavy items out of your vehicle. Keep a lighter load in your vehicle to help save on fuel costs. The more weight you load into your vehicle, the greater the use of gas. If you do have larger items, it’s recommended to store them in your trunk versus a roof rack. Roof racks cause drag, which uses a greater amount of gas.
  5. Maintain your vehicle. Keeping your car in top condition is another way to improve fuel efficiency. Keeping your engine tuned, emissions in check and tires inflated at the right pressure all improve fuel usage.

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Written by
Sara Coleman
Former Insurance Contributor
Sara Coleman is a former insurance contributor at Bankrate. She has a couple of years of experience in writing for insurance domains such as The Simple Dollar, Reviews.com, Coverage.com and numerous other personal finance sites. She writes about insurance products such as auto, homeowners, renters and disability.
Edited by
Insurance Editor