Natural gas vehicle fuel prices rose in 2022 and 2023 after a decade of relative stability
After a decade of nearly flat prices from 2011 to 2021, inflation-adjusted fuel prices for natural gas vehicles increased in 37 states from 2021 to 2023, according to new estimates in our State Energy Data System (SEDS). Real U.S. natural gas prices for vehicle fuel remained 25% below their peak in 2008.
Spot Henry Hub natural gas prices hit a historic low in 2024
In 2024, the U.S. benchmark Henry Hub natural gas spot price averaged $2.21 per million British thermal units (MMBtu), the lowest average annual price in inflation-adjusted dollars ever reported. The annual average Henry Hub natural gas spot price in 2024 decreased by 16% from its 2023 average and 68% from its 2022 average, the largest two-year decline on record. The monthly average Henry Hub spot natural gas price in 2024 ranged from $3.25/MMBtu in January to an all-time low of $1.51/MMBtu in March, reflecting a narrower $1.74/MMBtu range of monthly prices across the year than the average range of $2.32/MMBtu
In 2024, U.S. retail gasoline prices averaged about 20 cents less than in 2023
The U.S. retail price for regular grade gasoline averaged $3.30 per gallon (gal) in 2024, $0.21/gal less than in 2023. Lower crude oil prices and narrower refinery margins in 2024 than in 2023 both contributed to the decrease in U.S. retail gasoline prices, according to data from our Gasoline and Diesel Fuel Update. From the first week of 2024 through the last week, national average weekly gasoline prices decreased $0.08/gal.
Brent crude oil prices traded in a narrow range in 2024
Benchmark Brent crude oil futures prices averaged $80 per barrel (b) in 2024, $2/b less than in 2023. Intraday prices stayed within a $24/b range, between $68/b and $93/b (after rounding), which was the narrowest trading range since 2019. Adjusting the trading range for inflation, last year was the narrowest since 2003. Strong global growth in production of oil and slower demand growth put downward pressure on prices, while heightened geopolitical risks and voluntary production restrictions among OPEC+ members supported them. These offsetting factors kept oil prices within a narrow range.
U.S. gasoline prices this Thanksgiving are at their lowest since 2020
On the Monday before Thanksgiving, the retail price of regular gasoline averaged $3.04 per gallon (gal) across the United States, 7% less than the same time last year. Retail gasoline prices this Thanksgiving are at their lowest since 2020, when the COVID-19 pandemic disrupted gasoline demand.