gasoline News Updates

Commercial gasoline supplies declined to 41 million barrels — the lowest on record — after falling by 1.2 million barrels last week.

Trump had pledged to lower gasoline prices to below $2 a gallon, but almost two years into his presidency the fuel’s retail cost has averaged $3.47 a gallon.

A slew of economic data Oct. 15 showed that inflation accelerated last month as more expensive oil and gas began to lift prices in other parts of the economy.

Nearly 500,000 barrels a day of oil-refining capacity sit in the projected path of Hurricane Isaias, raising the risk that the U.S. fuel market will lose critical output.

President Trump is weighing a potential suspension of the federal gas tax, as he looks for ways to ease high energy costs ahead of November’s midterm elections.

The high gas prices took center stage in Ohio on Sept. 30, as lawmakers passed a 90-day state gas tax holiday with broad bipartisan support.

The U.S. has emerged as the world’s supplier of last resort, with diesel exports surging to a weekly record of nearly 2 million barrels a day in August.

Veteran commodities strategist Jeff Currie also said U.S. diesel could reach $7 to $9 a gallon.

Drivers are paying an average of $4 a gallon for gasoline and $5.40 a gallon for diesel in the second week of August for the first time.

U.S. refiners are turning crude oil into gasoline and diesel at a pace not seen since before the pandemic, but even that is unlikely to rein in soaring prices.