The U.S. retail price for regular grade gasoline averaged $3.30 per gallon (gal) in 2024, $0.21/gal less than in 2023. Lower crude oil prices and narrower refinery margins in 2024 than in 2023 both contributed to the decrease in U.S. retail gasoline prices, according to data from our Gasoline and Diesel Fuel Update. From the first week of 2024 through the last week, national average weekly gasoline prices decreased $0.08/gal.
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