U.S. retail gasoline prices heading into Labor Day are lower than last year

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. This drop in the gasoline price is a result of lower North Sea Brent crude oil prices (a global benchmark for crude oil and the most relevant determinant of U.S. gasoline prices), less gasoline demand, and higher gasoline inventories. More »