U.S. retail gasoline prices at four-year high heading into Labor Day weekend (8/29/2018)

The U.S. average retail price for regular gasoline on August 27, 2018, was $2.83 per gallon (gal), the highest price on the Monday before Labor Day since 2014, when it was $3.45/gal, and 43 cents/gal higher than the same time last year (Figure 1). A higher North Sea Brent crude oil price-nearly $23 per barrel (b) higher than what it was heading into the Labor Day weekend last year and its highest level for this time of year since 2014-is the main driver of the increase in the gasoline price. ... More »