Retail Gasoline Prices in 2014 Experienced the Largest Decline since 2008

In the second half of 2014, the national average retail price per gallon of gasoline (all grades) fell from a high of $3.77 in June to a low of $2.63 in December – a difference of $1.14 per gallon. This is the largest price drop since the recession of 2008 where a loss of demand led to collapsing fuel prices. The price of gasoline is highly volatile and often varies substantially throughout any given year. The year 2010 is an exception with a modest price variation and gasoline prices remaining under $3.00 per gallon for almost the entire year.