U.S. average retail gasoline prices in 2019 were slightly lower than in 2018

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.
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We are also taking measures to ensure business continuity remains unimpacted during this time.