The 2024 Global Gas Prices Report [Countries & U.S. State-by-State Breakdown]

Every year, Zutobi conducts an extensive study of global gas price trends. This year, our summer report offers timely insights, particularly relevant for the vacation season. Fuel prices fluctuate for various reasons, including supply and demand, geopolitical conflicts, natural disasters, and unexpected events such as the recent global pandemic. Our goal is to provide the most up-to-date information for new drivers and seasoned motorists alike.

We have examined gas prices in over 170 countries to determine where drivers get the best fuel value for their money. Additionally, we provide historic data on the increase and decrease of petrol prices and the rates of these fluctuations.

U.S. Fuel Report

Gas prices are falling nationwide, a welcome surprise for U.S. drivers, as fuel prices typically surge during this time of year. Last year, the average fuel price per gallon was $3.60, but this figure has decreased to $3.43 per gallon this year. This decrease is attributed to reduced travel, tighter consumer spending due to persistent inflation, and a growing number of drivers opting for electric or hybrid vehicles.

The states with the cheapest gas

1 – Mississippi: $2.92 per gallon

For the second consecutive year, Mississippi tops our rankings. The state offers fuel at $2.92 per gallon, 2 cents cheaper than the next closest state, marking an 8-cent decrease from the previous year.

2 – Arkansas: $2.94 per gallon

Arkansas has maintained its position near the top, moving up from seventh place last year to second place this year. Fuel prices have decreased from $3.17 to $2.94 per gallon over the past year.

3 – Oklahoma & Louisiana: $3.00 per gallon

Oklahoma and Louisiana share third place, both offering relatively low gas prices and welcoming visitors with affordable fuel.

The states with the most expensive gas

1 – California: $4.84 per gallon

California climbs one spot from last year to top the list with an average fuel price of $4.84 per gallon. Despite the high price, the state saw a slight decrease from $4.87 per gallon last year.

2 – Hawaii: $4.92 per gallon

Hawaii moves up one spot from third place last year, with an average price of $4.92 per gallon, reflecting a 1-cent decrease from the previous year.

3 – Washington: $4.35 per gallon

Washington drops two spots, with an average gas price of $4.35 per gallon, down from $4.53 per gallon last year.

Gas price changes in America

Gas prices, like other consumer products, have fluctuated over the years, with a steady overall increase over the decades. Major historic events, such as The Great Depression, various wars, oil gluts, and the recent global pandemic, have significantly impacted global gas prices.

In 2004, the average price per gallon was $1.53. As of 2024, this has increased to $3.43 per gallon, reflecting a substantial rise of $1.90 or 124.41%. However, this year, petrol prices have decreased by 5% due to a combination of factors, including reduced demand, increased production, and shifts in consumer behavior towards more fuel-efficient and electric vehicles.

Let’s look at the states with the smallest and largest increases since the turn of the century.

States with the biggest decrease in gas prices

1 – Utah

2004 Price: $1.50 per gallon

2023 Price: $4.06 per gallon

2024 Price: $3.39 per gallon

2023/2024 decrease: 16.59%

20-year increase: 125.78%

In 2004, the price of gas in Utah was $1.50 per gallon. By 2023, it had risen to $4.06 per gallon. However, in 2024, the price has decreased to $3.39 per gallon, a significant drop of 16.59%. Despite this, prices in Utah have still increased by nearly 125.78% over the last two decades.

2 – Arizona

2004 Price: $1.67 per gallon

2023 Price: $4.17 per gallon

2024 Price: $3.64 per gallon

2023/2024 decrease: 12.64%

20-year increase: 118.48%

Arizona saw gas prices at $1.67 per gallon in 2004. These prices peaked at $4.17 per gallon in 2023 but have since fallen to $3.64 per gallon in 2024, representing a 12.64% decrease. Over the last 20 years, Arizona has seen a 118.48% increase in gas prices.

3 – New Mexico

2004 Price: $1.52 per gallon

2023 Price: $3.54 per gallon

2024 Price: $3.14 per gallon

2023/2024 decrease: 11.25%

20-year increase: 106.99%

In 2004, gas in New Mexico was $1.52 per gallon. The price rose to $3.54 per gallon in 2023 but decreased to $3.14 per gallon in 2024, an 11.25% decrease. This reflects a 106.99% increase over the past 20 years.

States with the biggest change in gas prices

1 – Delaware

2004 Price: $1.57 per gallon

2023 Price: $3.33 per gallon

2024 Price: $3.54 per gallon

2023/2024 increase: 6.12%

20-year increase: 125.35%

Delaware experienced the largest increase in gas prices over the past year. In 2004, the price per gallon was $1.57. By 2023, it had increased to $3.33, and in 2024, it further rose to $3.54 per gallon, a 6.12% increase over the past year. Over the last 20 years, Delaware’s gas prices have increased by 125.35%.

2 – Maryland

2004 Price: $1.52 per gallon

2023 Price: $3.44 per gallon

2024 Price: $3.61 per gallon

2023/2024 increase: 4.76%

20-year increase: 138.09%

Gas prices in Maryland were $1.52 per gallon in 2004. By 2023, they had risen to $3.44 per gallon and increased to $3.61 per gallon in 2024, representing a 4.76% increase in the past year. Over the last 20 years, Maryland has seen a 138.09% increase in gas prices.

3 – Virginia

2004 Price: $1.48 per gallon

2023 Price: $3.35 per gallon

2024 Price: $3.36 per gallon

2023/2024 increase: 0.36%

20-year increase: 127.20%

Virginia saw gas prices at $1.48 per gallon in 2004. These prices increased to $3.35 per gallon in 2023 and slightly rose to $3.36 per gallon in 2024, a marginal increase of 0.36%. Over the past 20 years, Virginia’s gas prices have increased by 127.20%.

How far can you travel for $50 in each state?

The Ford F150 pickup truck, the most popular vehicle in U.S. history, serves as our benchmark for determining the maximum distance a driver can travel on $50 worth of fuel. The truck averages 25 miles per gallon.

In Mississippi, which has the lowest fuel prices in the country, $50 can buy 17.12 gallons of gasoline, allowing you to travel 428.23 miles on average in an F150. Conversely, in California, the state with the most expensive gasoline prices, $50 will only get you 10.33 gallons, limiting the F150’s range to 258.32 miles—a difference of nearly 170 miles from Mississippi.

Global Gas Prices

The countries with the cheapest gas

1 – Iran: $0.13 per gallon of petrol

Iran tops the list of the countries with the cheapest fuel. Centrally located near the Middle East and Asia, the country has an average price per gallon of petrol at $0.13, significantly less than the $1.29 per gallon price of the fourth country, Egypt.

2 – Libya: $0.14 per gallon of petrol

Libya’s nation also enjoys an extremely low petrol price of $0.14 per gallon. With Africa’s oil production expected to rise to more than 7 million barrels per day in 2023, the country can expect stable fuel prices.

3 – Venezuela: $0.16 per gallon of petrol

WIth the largest known reserves of crude oil in the world, Venezuela is in the top 3 the list of the countries with the cheapest fuel. Drivers in the South American nation pay $0.16 per gallon.

The countries with the most expensive gas

1 – Hong Kong: $14.60 per gallon of petrol

Hong Kong ranks again at the top of the list with the highest petrol price on earth; one gallon purchased in the special administrative region costs $14.60. More than double the global average, this price is $3 more than the second most expensive country.

2 – Monaco: $10.42 per gallon of petrol

Moving up to second place, Monaco’s petrol prices are $10.42 per gallon

3 – Iceland: $10.28 per gallon of petrol

Iceland retains its spot from last year, with prices averaging $10.28 per gallon. Fuel tax may be one of the key reasons for the high petrol cost.

Gas price changes across the globe

Countries with the biggest decrease in gas price

1 – Iran

2019 Price: $1.39 per gallon of petrol

2024 Price: $0.13 per gallon of petrol

5-year price decrease: 90%

In 2019, gas prices in Iran were $1.39 per gallon. By 2024, they have plummeted to $0.13 per gallon, an impressive decrease of 90%.

2 – Egypt

2019 Price: $2.09 per gallon of petrol

2024 Price: $1.29 per gallon of petrol

5-year price decrease: 38.43%

Although not as drastic as Iran, Egypt has also experienced a whooping decrease in fuel costs in the last five years. With a drop of almost 40%, the country’s price went from $2.09 per gallon in 2019 to only $1.29 per gallon at present.

3 – Yemen

2019 Price: $7.18 per gallon of petrol

2024 Price: $4.48 per gallon of petrol

5-year price decrease: 37.59%

Yemen found its per gallon fuel costs tumbling to $4.48 this year from $7.18 per gallon just five years ago, representing a more than 35% drop.

Countries with the biggest increase in gas price

1 – Cuba

2019 Price: $0.41 per gallon of petrol

2024 Price: $5.89 per gallon of petrol

5-year price increase: 1338.89%

Cuba faced the highest gas price increase over the last five years with fuel prices more than 10 times to $5.89 per gallon. Over the past 5 years the increase has been more than 1300%.

2 – Sudan

2019 Price: $0.64 per gallon of petrol

2024 Price: $3.18 per gallon of petrol

5-year price increase: 400%

Gas prices in Sudan increased from $0.64 per gallon in 2019 to $3.18 per gallon in 2024, a 400% increase.

3 – Zimbabwe

2019 Price: $2.41 per gallon of petrol

2024 Price: $7.23 per gallon of petrol

5-year price increase: 200%

Zimbabwe’s gas prices tripled from $2.41 per gallon in 2019 to $7.23 per gallon in 2024, a 200% increase.

How far can you travel for $50 in every country?

Using the Toyota Corolla, the best-selling car on the planet, as our benchmark, we determined how far a driver can travel on $50 worth of fuel. The Corolla averages 44.8 miles per gallon.

Drivers in Iran can travel 16,990.73 miles on $50 worth of fuel, theoretically more than once around the entire world. In contrast, in Hong Kong, the country with the most expensive gas, $50 will only get you 153 miles. On average, globally, a driver can travel 719 miles on $50 worth of fuel in a Toyota Corolla.

Methodology

United States

• Regular unleaded gasoline, which is most popular in the United States, was used in this study.
• Current fuel prices came from https://gasprices.aaa.com and are accurate as of June 18, 2024.
• Historic gas prices for each state were sourced from https://www.eia.gov/petroleum/gasdiesel/.
• The Ford F150 MPG was taken from https://www.fueleconomy.gov/feg/PowerSearch.do?action=noform&path=1&year1=2021&year2=2021&make=Ford&baseModel=F150&srchtyp=ymm
• To calculate the distance drivers can travel on $50, the number of gallons available for $50 was multiplied by the average miles per gallon of the vehicle.

Global

• Again, regular unleaded petrol was chosen as the type of fuel to study as it is the most common.
• All current fuel costs were sourced from global petrol prices, and are accurate as of June 10, 2024. https://www.globalpetrolprices.com/gasoline_prices/
• The same website was used for historic petrol prices. We used the wayback machine to see the archived petrol prices from June 10, 2019.
• The miles per gallon of the Toyota Corolla was found from Parkers.
• To calculate the distance drivers can travel on $50, the number of gallons available for $50 was multiplied by the average miles per gallon of the vehicle.

Previous Reports

2023 Gas Prices Report 

2022 Gas Prices Report 

2021 US Gas Prices Report

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