U.S. gasoline prices heading into Labor Day weekend are lower than last year

Heading into the holiday weekend, the retail price for all formulations of regular gasoline in the United States averaged $3.31 per gallon (gal) on August 26, 2024, 13% lower than this time last year. The decrease in prices paid at the pump was driven by weak growth in global and U.S. petroleum product demand, continued crude oil production growth from countries outside of OPEC+, and China’s slowing economy.