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U.S. Gasoline Prices Fall to Four-Year Summer Low

Pipeline operators have expanded capacity to manage record imports that are outpacing weakened summer demand

Gasoline prices are displayed at a Sheetz station as customers fill their cars with gas in Wilkes-Barre, Pennsylvania, U.S. October 19, 2022. REUTERS/Aimee Dilger/File photo
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Overview

  • The national average price for regular gasoline stood at $3.144 per gallon on July 22, the lowest for this season since 2021 and down from $3.218 in June.
  • Weekly imports peaked at 100,700 barrels per day in mid-June, marking a 12-month high and a roughly 7% increase from a year earlier.
  • East Coast storage needs reached a three-year peak in June, prompting Colonial Pipeline to boost Line 1 capacity by 5%–7% over typical summer volumes.
  • U.S. gasoline consumption, measured by the EIA’s product supplied, averaged 9.2 million barrels per day over the past four weeks and dipped 2.5% during the July 4 holiday week compared to 2024.
  • GasBuddy analyst Patrick De Haan forecasts prices could slip below $3 per gallon by September as OPEC’s planned August output increase keeps crude supplies ample.