Gasoline Prices

Gasoline prices averaged USD 3.17 per gallon in August, down 1.2% from July. On 31 August, the commodity traded at USD 3.08 per gallon, down 1.0% from 31 July.

In August, gasoline’s price premium retreated from July’s series high, as U.S. refiners—under pressure from the President—hiked output to 97% of capacity, the most in eight years. Oil from the Middle East and Venezuela also helped, but U.S. gasoline inventories remain 6% below their five-year mean, keeping the premium high.