Oil Prices Over Time: What the Last 10 Years Tell Us

Oil prices and gas prices have moved sharply higher again, and the chart above helps put today’s gasoline and diesel costs into perspective.

Oil prices have moved through several very different cycles during the past
decade. WTI crude oil averaged about $43 per barrel in 2016,
fell below $40 in 2020, climbed to nearly
$95 in 2022, and then averaged about
$65 in 2025.

In September 2026, however, crude oil moved sharply higher again. That increase
has been showing up at the pump.

How Oil Prices and Gas Prices Move Together

Crude oil is one of the largest components in the cost of producing gasoline
and diesel. As crude prices rise, refiners and fuel distributors eventually
have to absorb those higher costs or pass them through to consumers.

The relationship between oil prices and gas prices is easy
to see in the historical numbers.

In 2020, when WTI
crude averaged only about $39 per barrel, regular gasoline
averaged approximately $2.17 per gallon. By 2022, WTI had
risen to almost $95 per barrel, while gasoline averaged about
$3.95 and diesel approximately $5.02 per gallon.

The pattern is not perfectly synchronized. Refining capacity, inventories,
transportation costs, seasonal fuel requirements, taxes and regional supply
conditions can all affect what consumers ultimately pay.

2026 Is Different From the Earlier Points on This Chart

There is one important distinction when reading this chart:
2016 through 2025 represent annual averages, while the 2026 gasoline
and diesel numbers are a current weekly snapshot.

For the week of September 21, 2026, the U.S. Energy Information Administration
reported a national average of approximately
$4.48 per gallon for regular gasoline and
$6.53 per gallon for diesel.

That does not mean Americans will average those prices for all of 2026.
It tells us where prices have climbed recently and illustrates how quickly
energy costs can change when the crude-oil market moves.

Looking at oil prices and gas prices over a longer period can help
consumers separate short-term price spikes from longer-term trends.

Why Fuel Prices Matter Beyond the Gas Pump

Higher energy prices can affect much more than the cost of filling your tank.
Diesel is particularly important because it powers much of the equipment and
transportation used to move food, building materials, consumer products and
other goods around the country.

When transportation and production costs rise, businesses may eventually pass
some of those costs on to consumers. That is one reason energy prices are worth
watching when we are trying to understand inflation, household budgets and the
broader economy.

Changes in oil prices and gas prices can eventually affect transportation,
food, construction materials and many other parts of a household budget.

Keep Today’s Prices in Perspective

The biggest lesson from the last decade may simply be that energy prices do not
move in a straight line.

We have seen crude oil move from roughly $39 a barrel to nearly $95, back into
the $60s, and then sharply higher again. Gasoline and diesel have followed
their own versions of that same cycle.

The history of oil prices and gas prices is a useful reminder that today’s
conditions can change, sometimes much faster than consumers expect.Today’s prices matter, especially to families and businesses feeling the
impact every week. But history also reminds us that energy markets can change
quickly in either direction.

Data Sources and References

Gasoline and Diesel Data:
Data is published by the U.S. Energy Information Administration
Historical Price Data: 
Historical gasoline, diesel and crude oil data can also be reviewed through the 
Federal Reserve Bank of St. Louis FRED database

Energy costs are only one piece of the affordability picture. You can also read our analysis of  mortgage rates and home prices  to see how borrowing costs and home values can affect today’s homebuyer.

U.S. Regular Gasoline:
U.S. Energy Information Administration, U.S. Regular All Formulations Gas
Price. FRED series GASREGA, Federal Reserve Bank of St. Louis.

U.S. Diesel:
U.S. Energy Information Administration, U.S. Diesel Sales Price / Ultra Low
Sulfur Diesel. FRED series GASDESA and GASDESLSA, Federal Reserve Bank of
St. Louis.

WTI Crude Oil:
U.S. Energy Information Administration, Cushing, Oklahoma West Texas
Intermediate Spot Price. FRED series ACOILWTICO.

2026 Weekly Fuel Prices:
U.S. Energy Information Administration, Weekly Retail Gasoline and Diesel
Prices. The chart uses the national averages reported for the week of
September 21, 2026.

Data note: Historical gasoline, diesel and WTI figures for
2016–2025 are annual averages. The 2026 gasoline and diesel figures are weekly
observations and should not be interpreted as 2026 annual averages. Energy
prices are subject to change and published data may subsequently be revised.