Source: U.S. Energy Information Administration, Gasoline and Diesel Fuel Update Heading into the 2018 Memorial Day weekend, regular gasoline prices averaged $2.92 per gallon (gal) nationally on May 21, up from last year’s price of $2.40/gal before the holiday weekend. This year marks the highest price ahead of the Memorial Day weekend since 2014, when the national average price of regular gasoline was $3.67/gal. Relatively higher crude oil spot prices, higher gasoline demand, and falling gasoline inventories are all factors contributing to higher gasoline prices. EIA forecasts that gasoline prices will be higher this summer compared with last summer primarily because EIA expects Brent crude oil prices to average $22 per barrel (b) higher than during last summer. U.S. gasoline prices have been more closely tied to Brent crude oil prices than to West Texas Intermediate prices. The Brent price averaged $78/b the week of May 18, 2018, or […]