Fact Check: Gas prices in the U.S. have never been lower than today.

Fact Check: "Gas prices in the U.S. have never been lower than today."

What We Know

The claim that "gas prices in the U.S. have never been lower than today" is misleading. According to the U.S. Energy Information Administration (EIA), the retail price for motor gasoline reached an all-time high of $5.03 per gallon in June 2022. As of May 2023, prices had declined to approximately $3.50 per gallon, which is still significantly higher than many historical lows. For instance, in December 2022, the average price was around $3.20 per gallon, and it has fluctuated since then, remaining above this level in 2023.

Moreover, data from the Bureau of Transportation Statistics indicates that while prices have decreased from their peak in 2022, they are still higher than they were in previous years. For example, the average retail price for gasoline in 2020 was approximately $2.25 per gallon, which is considerably lower than current prices.

Analysis

The assertion that current gas prices are the lowest ever lacks context and fails to consider historical data. The EIA provides comprehensive data on gasoline prices, showing that the average price has varied significantly over the years. In fact, the average price in 2020 was around $2.25 per gallon, while the average price in 2021 was approximately $3.30 per gallon, and it surged to over $5.00 in mid-2022 (source-4).

While it is true that prices have declined from their peak in 2022, they remain elevated compared to historical averages. The claim does not specify a timeframe for "never been lower," which is crucial for understanding the context. The Bureau of Labor Statistics notes that year-over-year declines in gasoline prices have occurred, but they have not reached the lows seen in previous years.

The sources used to evaluate this claim are credible and authoritative, including government agencies like the EIA and the Bureau of Transportation Statistics, which provide reliable data on fuel prices. However, the interpretation of this data can vary, and it is essential to consider the broader historical context when assessing claims about price levels.

Conclusion

Verdict: False
The claim that "gas prices in the U.S. have never been lower than today" is false. Historical data shows that gas prices have been lower in the past, particularly in 2020 and early 2021. While prices have decreased from their peak in 2022, they are still significantly higher than many previous years, indicating that the claim lacks accuracy and context.

Sources

1. U.S. All Grades All Formulations Retail Gasoline Prices (Dollars per ...
2. U.S. All Grades All Formulations Retail Gasoline Prices ... - EIA
3. Maps and Data - Average Annual Retail Fuel Price of Gasoline
4. U.S. Regular All Formulations Retail Gasoline Prices ...
5. Year-over-year declines in motor gasoline prices dampen inflation ...