Source: U.S. Energy Information Administration, Gasoline and Diesel Fuel Update The U.S. average retail price for regular gasoline was $2.24/gallon (gal) on August 29, the lowest price on the Monday before Labor Day since 2004, and 27¢/gal lower than the same time last year. Lower crude oil prices are the main factor behind falling U.S. gasoline prices. Lower crude oil prices reflect continued high global crude oil and petroleum product inventories and increased drilling activity in the United States. The U.S. average retail gasoline price increased 51¢/gal since the recent low point in mid-February, when gasoline prices averaged $1.72/gal. The rise in gasoline prices was the result of higher crude oil prices and strong demand during the summer driving season. Source: U.S. Energy Information Administration, Gasoline and Diesel Fuel Update Note: Regions based on Petroleum Administration for Defense Districts. On a regional basis , average gasoline prices range from […]