Chapter 3 • Corridor Growth Review
Crude oil averaged approximately $65.00 per barrel in 2018, $57.00 in 2019, dropping to $41.00 in 2020, mostly due to the precipitous drop in late-Spring/early-Summer with the onset of COVID-19. In 2021, prices increased to $68.00 per barrel and in 2022 to $95.00 then down to $78.00 in 2023 and $77.00 in 2024; as of July 2025, prices are $68.00 Forecast Figure 3-11 provides national gasoline price forecasts in current dollars. Retail gasoline prices, averaging $4.06 in 2022 increased notably since 2016, and then declined somewhat to $3.42 in 2024; the EIA expects prices to steadily reduce through 2027 to $3.16 and thereafter increase between a nickel and a dime annually.
Figure 3-11 Forecast Fuel Price (Current $)
3-20
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