Gasoline prices averaged USD 2.08 per gallon in February, up 0.6% from January. On 28 February, the commodity traded at USD 2.22 per gallon, up 7.8% from 31 January.
Gasoline prices rose slightly despite a drop in the cost of crude oil. The crack spread—gasoline’s price premium over crude—rose to a six-month high. This reflected a decrease in the output of U.S. refiners, which hovered around 85% as a share of capacity, one of the lowest levels since 2020.
This chart displays Gasoline (US$/gal) from 2023 to 2024.
RBOB Gasoline (prices in US$/gal, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| RBOB Gasoline | 2.52 | 2.60 | 2.72 | 2.20 | 2.37 | 2.57 | 2.26 | 2.00 |