Gasoline prices rose sharply in the first months of 2012, spurring renewed calls from Republicans in Congress and on the campaign train for more drilling, less regulation and a change in the White House.
But weekly gasoline prices have been declining slightly for three weeks now, and the Energy Department’s projections (shown above) have the monthly price peaking next month at just over $4 a gallon before declining to $3.67 by the November election.
Although prices are beginning to level off and may soon start to decline, absolute levels are expected to remain well above the last decade’s average of $2.22 (or $2.53 when adjusted for inflation to current prices).
About the Data
The Energy Information Administration tracks gasoline prices in a number of ways. The Gasoline and Diesel Fuel Update includes a full history of weekly gasoline prices broken down by grade and formulation.
The monthly figures and projections shown in this interactive come from the real and nominal price series, also released by the EIA. This series includes projections of future prices as well as historical data back to 1976.