Gasoline prices at the pump are often blamed directly on crude oil, but the two do not move in lockstep. Crude oil reflects global supply, geopolitics, and production costs, while pump prices include refining, transportation, taxes, and retail margins. Comparing average crude oil prices to average US gasoline prices from 1945 to 2025 shows how much of what drivers pay is driven by oil itself, and how much comes from everything added after the barrel leaves the ground.
Crude oil vs gasoline prices over time
| Year | Crude oil price ($ per barrel) | Gasoline price ($ per gallon) | Gasoline per barrel ($ equivalent) |
|---|---|---|---|
| 1945 | 1.40 | 0.15 | 6.30 |
| 1950 | 2.57 | 0.27 | 11.34 |
| 1960 | 2.88 | 0.31 | 13.02 |
| 1970 | 3.18 | 0.36 | 15.12 |
| 1975 | 10.73 | 0.57 | 23.94 |
| 1980 | 37.42 | 1.25 | 52.50 |
| 1985 | 26.99 | 1.18 | 49.56 |
| 1990 | 22.58 | 1.16 | 48.72 |
| 1995 | 17.23 | 1.51 | 63.42 |
| 2000 | 28.23 | 1.51 | 63.42 |
| 2005 | 50.04 | 2.36 | 99.12 |
| 2010 | 79.48 | 2.83 | 118.86 |
| 2011 | 94.88 | 3.55 | 149.10 |
| 2015 | 48.66 | 2.44 | 102.48 |
| 2020 | 39.68 | 2.18 | 91.56 |
| 2022 | 94.53 | 3.63 | 152.46 |
| 2025 | ~80.00 | ~3.00 | ~126.00 |
Notes:
• Crude oil prices represent approximate annual averages for US benchmark crude.
• Gasoline prices are US national averages.
• One barrel equals 42 gallons.
• The gasoline per barrel column shows what 42 gallons cost at the pump.
How the relationship changed over time
1945 to 1960
Crude oil prices were low and stable, and gasoline was cheap. Refining costs, taxes, and distribution added relatively little to the final pump price. Gasoline sold for only a few times the cost of the crude oil used to make it.
1970s oil shocks
The oil embargo and supply disruptions caused crude oil prices to surge. Gasoline prices rose as well, but less dramatically. This decade marked the beginning of a widening gap between crude prices and pump prices as taxes and regulatory costs increased.
1980 peak and aftermath
By 1980, crude oil prices reached historic highs. Gasoline prices followed, but even at peak oil prices, the pump price reflected far more than crude alone. After oil prices fell in the mid 1980s, gasoline prices declined only modestly.
1990s stability
Crude oil prices weakened through much of the 1990s, yet gasoline prices remained relatively stable. Refining margins, environmental regulations, and taxes played a growing role in keeping pump prices elevated even when oil was cheap.
2000s divergence
Crude oil prices rose sharply after 2000, driven by global demand and geopolitical risk. Gasoline prices increased as well, but the gap widened further. By the mid 2000s, the pump price of a barrel equivalent of gasoline was roughly double the cost of crude oil.
2010s
Oil prices became highly volatile, peaking in 2011 and collapsing again by 2015. Gasoline prices followed the direction but with muted swings. Structural costs in refining and distribution prevented gasoline from falling as fast as crude.
2020s
The 2020 demand collapse briefly crushed oil prices, but gasoline prices did not fall proportionally. Inflation, supply constraints, and taxes kept pump prices elevated. By 2025, crude oil at around $80 per barrel translates to roughly $126 worth of gasoline at the pump for the same volume.
