Renewable Fuel Standard Kept Gasoline Prices Down -- Consumers paid $3.25 to 3.30 per gallon for gasoline over the holidays. In contrast, they paid $4.11 in June 2008 when oil prices peaked. But for government action taken in 2007, vehicle owners could easily have paid $4.25 or even $5 per gallon for gasoline this Christmas. To be blunt, we got lucky. For once, the U.S. government did something right. Read more here.