Gas Prices in 2008
inflation-adjusted (CPI-U)
How 2008 ranks in the 1970–2025 record
The 3rd-most-expensive year on record — the 54th-cheapest of 56 years.
The 8th-highest pump price on record — before adjusting for inflation.
How U.S. prices moved through 2008
Weekly U.S. average for regular gasoline. The year’s high was $4.11 the week of July 7, 2008; the low was $1.61 the week of December 29, 2008 — a swing of 155.1%.
| Month | At the pump | In 2025 $ | Weeks |
|---|---|---|---|
| Jan 2008 | $3.04 | $4.62 | 4 |
| Feb 2008 | $3.03 | $4.59 | 4 |
| Mar 2008 | $3.24 | $4.90 | 5 |
| Apr 2008 | $3.46 | $5.21 | 4 |
| May 2008 | $3.77 | $5.64 | 4 |
| Jun 2008 | $4.05 | $6.01 | 5 |
| Jul 2008 | $4.06 | $5.97 | 4 |
| Aug 2008 | $3.78 | $5.57 | 4 |
| Sep 2008 | $3.70 | $5.45 | 5 |
| Oct 2008 | $3.05 | $4.53 | 4 |
| Nov 2008 | $2.15 | $3.25 | 4 |
| Dec 2008 | $1.69 | $2.57 | 5 |
2008 vs. the years on either side
State gas prices in 2008
EIA weekly prices for 2008 are available for these states. Each link opens that state’s price history at 2008.
2008: a record in July and a collapse by December
The 2008 average was $3.25, 45.0¢ above 2007 and 11.8% higher after inflation, but the annual figure hides the widest range in the weekly record. Crude oil rose through the first half of the year and traded above $145 a barrel in early July. The national average reached $4.11 in the week of July 7, the year’s high and the record until 2022.
Hurricanes Gustav and Ike interrupted the decline that followed. Ike shut about 14 Texas refineries in mid-September, and prices rose 18.7¢ in the week of September 15, the year’s largest weekly increase.
The financial crisis then pulled crude oil and gasoline down together. The national average fell 33.3¢ in the week of October 13, the largest one-week drop in the series, and the monthly average went from $3.70 in September to $1.69 in December. The year’s low, $1.61, was its final week, December 29, about $2.50 below the July high. The New York Harbor wholesale price fell from a peak of $3.42 to 79¢ a gallon. The recession that began in December 2007 continued until June 2009.
Sources: prices and high/low weeks are EIA weekly retail data (regular, all formulations) from our database; other facts are from the sources listed here.
2008 Against Other Years and States
Among the 56 complete years from 1970 to 2025, 2008 ranks 8th-highest at the pump. The highest inflation-adjusted annual average in that span is $5.08, recorded in 2012. The 2008 figure in constant 2025 dollars is $4.86, and its ranking is 3rd-highest.
The 2007 average was $2.80, and the 2008 average rose 16.1% from that level at the pump. The 2009 average was $2.35, and the annual price fell 27.5% from 2008. In constant 2025 dollars, the average rose 11.8% from 2007 to 2008 and fell 27.3% from 2008 to 2009.
The U.S. average in 1998 was $1.05 at the pump. In constant 2025 dollars, the 2008 average rose 134.3% from 1998, a span that crosses the 2000 change of basis in the national series. From 2000 the national figure is the mean of EIA's weekly U.S. regular-grade retail prices, and 2008 has 52 weeks of EIA data.
State figures are EIA State Energy Data System annual averages for all grades. In 2008, Missouri was the cheapest state at $3.02, and Alaska was the most expensive at $3.63, a difference of 60.3¢. Of 51 states, including D.C., 24 of 51 had a 2008 average above the U.S. average on that basis.
U.S. gas prices in 2008, answered
- What was the average price of gas in 2008?
- The U.S. average price of regular gasoline in 2008 was $3.25 per gallon — about $4.86 in 2025 dollars after adjusting for inflation, according to U.S. Energy Information Administration data.
- How does 2008 rank for gas prices in U.S. history?
- Adjusted for inflation, 2008 was the 3rd-most-expensive year for gasoline out of the 56 years on record (1970–2025). In raw at-the-pump dollars it ranks 8th.
- Were gas prices higher in 2008 than in 2007?
- Adjusted for inflation, regular gasoline was more expensive in 2008 than in 2007, up 11.8% year over year ($4.34 → $4.86 in 2025 dollars).
- How high did gas prices get during 2008?
- The U.S. weekly average for regular gasoline peaked at $4.11 the week of July 7, 2008 and bottomed at $1.61 the week of December 29, 2008 during 2008.
Source: U.S. Energy Information Administration. Mean of EIA’s weekly U.S. regular prices. Constant 2025 dollars (CPI-U). How the figures are built.
More about 2008
Use this data
Download: U.S. national gas prices by year, 1970–present (CSV) · Weekly U.S. national gas prices, 2000–present (CSV).
Column definitions, coverage and every file: gas price data. Free to reuse under CC BY 4.0 with credit.
Cite as: US Gas Gauge, “Gas Prices in 2008,” usgasgauge.com/gas-prices/history/2008. Source data: U.S. Energy Information Administration.