Gas vs Oil Prices (2015–2026)
Compare gas prices to crude oil prices. Understand the relationship between oil prices and what you pay at the pump.
Last updated: · Data through July 19, 2026
Crude oil is the biggest single input cost for gasoline, but the relationship between oil and gas prices isn't as simple as it seems. Refining costs, taxes, distribution, and profit margins all add to what you pay at the pump. See how prices differ across the country in our Gas Prices by State map and compare with Inflation by Category.
The Gas Pump Index: 2015–2025
U.S. regular unleaded gasoline, annual average price per gallon
Source: U.S. Energy Information Administration (EIA)keepingupwithinflation.com
Then (2020)
$2.19/gal
Now (2025)
$3.22/gal
Change
+47%
The Crude-to-Pump Relationship
Roughly 50-60% of the retail gas price comes from the cost of crude oil. The rest is refining (15-20%), federal and state taxes (15-20%), and distribution and marketing (5-10%).
Why Gas Doesn't Always Follow Oil
Gas prices often rise faster when oil goes up than they fall when oil comes down — a phenomenon economists call 'rockets and feathers.' Refinery capacity, seasonal demand, and regional supply issues also create disconnects.
Historical Trend
In 2022, crude oil spiked above $120/barrel and gas hit nearly $5/gallon nationally. By 2025, oil settled around $70-80/barrel and gas eased to $3.22/gallon — but the ratio of gas-to-oil price has widened, meaning more of what you pay goes to refining and margins.
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