U.S. regular retail gasoline prices averaged $2.60 per gallon (gal) in 2019, 11 cents/gal (4%) lower than in 2018. Gasoline prices rose steadily during the first quarter of the year, rising from $2.24 on January 7 to $2.90/gal on May 6, before gradually declining through the rest of the year. Because the cost of crude oil accounts for about 52% of retail gasoline’s final cost, the price of gasoline generally follows movements in crude oil prices, which followed a similar price path during 2019.
