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What's Up With Gasoline Prices

Changes in gasoline and diesel prices mirror changes in crude oil prices. Those changes are determined in the global crude oil market by the worldwide demand for and supply of crude oil. 

  • Per-barrel costs for crude oil – the No. 1 factor in the cost of producing gasoline and diesel – reflect the global oil supply/demand balance and inventories, among other factors.
  • With solid economic growth, U.S. petroleum demand (20.5 million barrels per day in 2018) ran at its highest level since 2007 and was up by more than 500 thousand barrels per day from 2017. 
  • Gasoline prices ($2.34 per gallon nationwide average in January 2019 per AAA) have decreased recently in tandem with oil prices to their lowest levels since 2017.

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