U.S. retail gasoline prices heading into Labor Day are lower than last year (8/28/2019)

The U.S. average retail price for all formulations of regular gasoline on August 26, 2019, was $2.57 per gallon (gal), 25 cents/gal (9%) lower than the price at the same time last year (Figure 1). This decline in the price of gasoline has been driven by lower North Sea Brent crude oil prices (a global benchmark for crude oil and the most relevant determinant of U.S. gasoline prices), drops in year-over-year demand, and high gasoline inventory levels. ... More »