A history of major U.S. gas price spikes, 1970s to present
The 1973 embargo, 1979, the Gulf War, Katrina, 2008, 2022, and 2026: what caused each spike, how high prices went, and how long they took to come back down.
Fifty-plus years of the U.S. average
The chart shows the annual U.S. average price of gasoline from 1970 to 2025. Values before 2000 come from the EIA’s State Energy Data System, cover all grades, and are approximate; from 2000 they are the annual average of the EIA’s weekly survey for regular gasoline. Toggle to constant 2025 dollars to compare episodes on equal terms. The table below measures each major spike from the last level before the shock to the peak. Episodes before 2000 use annual averages, which understate the short-term peaks.
| Episode | Before | Peak | Rise | Peak in 2025 $ |
|---|---|---|---|---|
| 1973–74 Arab oil embargo | $0.37 1973 avg. | $0.52 1974 avg. | +39% | $3.39 |
| 1979–81 Iranian Revolution | $0.63 1978 avg. | $1.32 1981 avg. | +109% | $4.66 |
| 1990 Iraqi invasion of Kuwait | $0.96 1989 avg. | $1.10 1990 avg. | +14% | $2.70 |
| 2005 Hurricanes Katrina and Rita | $2.61 August 22, 2005 | $3.07 September 5, 2005 | +17% | $4.97 |
| 2008 oil price peak | $3.11 January 7, 2008 | $4.11 July 7, 2008 | +32% | $6.05 |
| 2011 Libya disruption | $3.14 February 14, 2011 | $3.96 May 9, 2011 | +26% | $5.68 |
| 2022 Russian invasion of Ukraine | $3.53 February 21, 2022 | $5.01 June 13, 2022 | +42% | $5.46 |
| 2026 Strait of Hormuz disruption | $2.94 February 23, 2026 | $4.50 May 11, 2026 | +53% | $4.34 |
U.S. average retail gasoline price. 1970s–1990 rows: EIA State Energy Data System annual averages, all grades (approximate). 2005 onward: EIA weekly survey, regular, all formulations. The 2026 peak is the highest week so far this year. Inflation adjustment uses CPI-U.
The embargo, the revolution, and the collapse
On October 19, 1973, the Organization of Arab Petroleum Exporting Countries placed an oil embargo on the United States. It lasted until March 1974, and crude rose from $2.90 a barrel before the embargo to $11.65 in January 1974. [1] The annual U.S. gasoline average went from $0.37 in 1973 to $0.52 in 1974, a rise of +39%. Federal price and allocation controls were in force at the time, and the shortage showed up as purchase limits and lines at stations as well as higher prices. [1][3]
The second shock began with the Iranian Revolution. By January 1979, Iranian output was down 4.8 million barrels per day, about 7% of world production, and oil prices more than doubled between April 1979 and April 1980. [2] Iran’s production losses persisted for years afterward. [4] Gasoline rose from $0.63 in 1978 to $1.32 in 1981, a rise of +109%, the largest percentage increase in the table. The 1981 figure also reflects the end of controls: on January 28, 1981, an executive order removed the remaining federal price and allocation controls on crude oil and refined products. [3]
In constant 2025 dollars, the 1981 average was $4.66. Prices then eased for several years and fell sharply in 1986, from $1.08 to $0.82. They did not return to the 1981 level in real terms until the 2000s.
The Gulf War, Katrina, and the 2008 peak
Iraq invaded Kuwait on August 2, 1990, disrupting supply from both countries and pushing crude prices up quickly. [4] The annual gasoline average rose from $0.96 in 1989 to $1.10 in 1990, +14%. Because this was a short spike in the second half of the year, the annual figure captures only part of it. The decade that followed was the calmest in the record, and the 1998 average of $1.02 is the lowest inflation-adjusted annual average in the record, $2.01 in 2025 dollars.
Hurricane Katrina made landfall on August 29, 2005, and Hurricane Rita followed in late September. As Rita approached, 16 Gulf Coast refineries shut down; as of October 11, about 1.9 million barrels per day of refining capacity, 11% of the national total, was still offline. [5] The weekly U.S. average went from $2.612 on August 22, 2005 to $3.069 on September 5, 2005. The shortage was mainly in refining capacity, and it reversed quickly: by December 5, 2005 the average was $2.147, below its pre-storm level.
The 2008 spike followed a multi-year rise in crude oil. The WTI spot price peaked above $145 a barrel in early July 2008. [6] The weekly gasoline average rose from $3.109 in the first week of January to $4.114 on July 7, 2008. In 2025 dollars, the week of June 30, 2008 is still the highest in the weekly record, at $6.06. The decline was faster than the rise. With the financial crisis cutting demand, the average fell to $1.613 by December 29, 2008.
A plateau, a collapse, and a pandemic low
In February 2011, civil conflict in Libya cut about 1.5 million barrels per day of exports, and Brent crude averaged over $100 a barrel for the year. [7] Gasoline rose from $3.140 on February 14, 2011 to $3.965 on May 9, 2011. Unlike earlier spikes, this one did not reverse. Annual averages from 2011 through 2014 were $3.52 (2011), $3.63 (2012), $3.51 (2013), and $3.36 (2014). Adjusted for inflation, 2012 is the most expensive year on record, at $5.08 in 2025 dollars.
The plateau ended in the second half of 2014, when rising U.S. production and weaker demand pushed crude oil down. [8] Gasoline fell from $3.70 in late June 2014 to $2.04 in late January 2015 and reached $1.72 in February 2016. In April 2020, pandemic travel restrictions cut gasoline demand, and the weekly average reached $1.77 on April 27, the lowest since early 2016. [9]
Two spikes in five years
Russia’s full-scale invasion of Ukraine in late February 2022 raised crude oil prices and created uncertainty about how Europe would replace sanctioned Russian supplies. [10] The weekly average rose from $3.530 on February 21, 2022 to $5.006 on June 13, 2022, the highest nominal price in the record. In real terms it was below 2008: $5.46 in 2025 dollars against $6.06. By December 26, 2022 the average was $3.091.
The 2026 episode began with military strikes on Iran at the end of February and the disruption of shipping through the Strait of Hormuz. [11] The weekly average was $2.937 on February 23, 2026 and reached $4.500 on May 11, 2026, a rise of +53%, the largest of the weekly-data episodes in the table. As of September 21, 2026 the average is $4.478, 2¢ below that peak. For what is driving it, see why gas prices are rising in 2026.
What the episodes have in common
Every major spike in the table except 2005 began with crude oil, and those spikes followed the path of the crude price, lasting for months or years. The 2005 spike, driven mainly by refinery outages, reversed within weeks as plants restarted. Measured in 2025 dollars, the highest weekly price came in 2008 and the highest annual averages in 2011–2013, all above the 1981 level. The 1970s shocks were larger in percentage terms, but they started from a much lower real price. The full year-by-year record is on the U.S. gas price history page.
Gas price spikes, answered
- What was the highest gas price in U.S. history?
- In nominal terms, the EIA's weekly U.S. average for regular gasoline peaked at $5.006 a gallon the week of June 13, 2022. Adjusted for inflation, the highest week in the weekly series since 2000 was June 30, 2008, at $6.06 in 2025 dollars.
- What caused the 1970s gas price spikes?
- Two supply shocks. The Arab oil embargo of October 1973 to March 1974 roughly quadrupled crude oil prices, and the Iranian Revolution cut Iran's oil output sharply in late 1978 and early 1979, after which oil prices more than doubled between April 1979 and April 1980.
- How long do gas price spikes last?
- It varies. After Hurricane Katrina the national average was back below its pre-storm level by early December 2005. After the 2008 peak it fell 61% in under six months as the recession hit demand. The 2011 rise turned into a plateau: annual averages stayed above $3.35 from 2011 through 2014.
Where the causes come from
- [1]Federal Reserve History, “Oil Shock of 1973–74”: the OAPEC embargo from October 19, 1973 to March 1974; crude from $2.90 to $11.65 a barrel
- [2]Federal Reserve History, “Oil Shock of 1978–79”: Iranian output down 4.8 million barrels per day by January 1979; oil prices more than doubled from April 1979 to April 1980
- [3]Executive Order 12287, “Decontrol of Crude Oil and Refined Petroleum Products” (Jan 28, 1981), The American Presidency Project
- [4]U.S. EIA, Today in Energy — “Effects of crude oil supply disruptions: how long can they last?” (Mar 30, 2011): the 1978–81 Iranian and 1990 Iraq–Kuwait disruptions
- [5]U.S. EIA, Short-Term Energy Outlook, October 2005: refinery shutdowns from Hurricanes Katrina and Rita
- [6]U.S. EIA, Cushing, OK WTI crude oil spot price (daily): the July 2008 peak
- [7]U.S. EIA, Today in Energy — “Brent crude oil averages over $100 per barrel in 2011”: the loss of 1.5 million barrels per day of Libyan exports
- [8]U.S. EIA, Today in Energy — “Lower demand, higher supply drive oil prices to lowest level since 2012” (2014)
- [9]U.S. EIA, Today in Energy — “U.S. average gasoline prices and vehicle travel fell to multiyear lows in 2020” (2021)
- [10]U.S. EIA, Today in Energy — “U.S. retail gasoline prices rose in summer but ended 2022 lower than start of 2022” (Jan 2023)
- [11]U.S. EIA, Today in Energy — “Crude oil and petroleum product prices increased sharply in the first quarter of 2026” (Apr 7, 2026)
Gasoline prices, dates and percentage changes throughout are from the U.S. Energy Information Administration’s weekly retail survey and State Energy Data System, held in our database. Inflation adjustment uses the BLS CPI-U.