U.S. Energy Information Administration said this week U.S. weekly average gasoline prices have declined 19 cents per gallon since a 2024 high in April. Prices fell to $3.48 per gallon July 1 – 5 cents per gallon less than a year ago. EIA said, “Increasing gasoline inventories, relatively weak demand and oil prices below recent peaks are all contributing to falling gasoline prices.”
EIA said Tuesday increasing gasoline inventories have put downward pressure on gasoline prices. U.S. gasoline inventories were 226.7 million barrels as of April 19 – 8.5 million barrels less than the previous five-year average for 2019-23. By June 21 U.S. gasoline inventories had increased by 7.1 million barrels to 233.9 million barrels. “The increase has been driven by unseasonably large inventory growth on the east coast, which increased by 4.1 million barrels for the same period.” More than 80 percent of U.S. imports of gasoline enter through the east coast.
Crude oil prices, the largest contributor to the price of gasoline, declined from early April to early June.