Gasoline Prices

Gasoline prices averaged USD 3.21 per gallon in July, up 6.5% from June. On 31 July, the commodity traded at USD 3.11 per gallon, up 7.6% from 30 June.

In July, gasoline’s price premium vs crude hit its highest since the records began in 2008. The Hormuz Strait crisis, a Chinese export ban and recent Ukrainian attacks on Russian refineries have taken roughly 10% of global refining capacity offline, and U.S. gasoline inventories are now 7% below their five-year seasonal average.