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FACT BRIEF

Were gas prices higher in April 2024 than a year prior?

By Luke Heald
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NO

Gas costs in April 2024 were about the same as those in April 2023.

The U.S. Energy Information Administration records weekly, monthly, and yearly averages of all formulations of regular retail gasoline prices. In April 2023, the recorded price was $3.60. In April 2024, it was $3.61 — a difference of about one penny.

Gas prices in the first four months of 2024 ($​​3.33) averaged about 11 cents lower than in the first four months of 2023 ($3.44).

Gas prices rose 17% between January and April 2024. But an increase in gas prices during this time of the year is not unusual. Gas prices rose 8% between January and April 2023, 24% between January and April 2022 (a period that encompassed the Russian invasion of Ukraine), and 22% between January and April 2021. 

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Sources
US Energy Information Administration US Regular All Formulations Retail Gasoline Prices (Dollars per Gallon)
Google Docs EIA Gas Prices 2024 versus 2023
Federal Reserve Bank Of St. Louis US Regular All Formulations Gas Price
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