U.S. retail gasoline prices at twelve-year low heading into Labor Day (9/8/2016)

The U.S. average retail price for regular gasoline was $2.24/gallon (gal) on August 29, the lowest price on the Monday before Labor Day since 2004 and 27 cents/gal lower than the same time last year (Figure 1). Lower crude oil prices are the main factor behind falling U.S. gasoline prices. Lower crude oil prices reflect continued high global crude oil and petroleum product inventories and increased drilling activity in the United States. Despite strong gasoline demand, high inventories and lower crude prices have been putting downward pressure on gasoline prices and refinery margins. ... More »