US gasoline prices lower this year ahead of Labor Day, EIA says
By Rahul Paswan
Aug 29 (Reuters) -U.S. gasoline prices were substantially lower than last year heading into the weekend of the Labor Day federal holiday on Monday, which ends the U.S. summer driving season, the U.S. Energy Information Administration (EIA) said on Thursday.
The retail price for regular gasoline in the U.S. averaged $3.31 per gallon on Aug. 26, down about 13% from a year earlier.
WHY IT IS IMPORTANT
The EIA said its estimates show demand is greater heading into the Labor Day weekend this year than last. Its most recent data, which covers the week ended Aug. 23, showed U.S. gasoline demand of 9.3 million barrels a day - the highest for August since 2022.
However, once the summer driving season ends it expects demand to be weaker than last year which should keep gasoline prices lower on average in the months ahead.
CONTEXT
Prices at the pump have been lower due to 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, the EIA said in its report.
A series of refinery outages in the U.S. Midwest caused regional gasoline prices to spike to more than 20% above the national average from July 22 to Aug. 5.
BY THE NUMBERS
Gasoline in U.S. inventories currently sits at 221 million barrels about 3% higher than this time last year, EIA data showed.
The Brent crude oil price on Aug. 26, 2024 was down 4% from the same time last year, 2024, the EIA said. The EIA estimated that crude prices contributed 55% to the price of gasoline as of June.
Reporting by Rahul Paswan in Bengaluru; Editing by David Gregorio
免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料,僅適用於教育/資訊類用途,不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議,或是交易價格紀錄,或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。