U.S. gasoline prices remain high as crude oil nears $100 per barrel

National gasoline prices remain elevated, with the U.S. average for regular gasoline holding at approximately $4.33 per gallon. This figure is more than $1.00 higher than the same period last year. Market volatility has driven crude oil prices toward the $100 per barrel mark, contributing to seasonal record highs despite the typical autumn decline in fuel costs.

In California, gasoline prices are significantly higher than the national average, reaching approximately $6.31 per gallon. The state faces unique energy challenges due to a growing reliance on imported oil and a reduction in domestic refining capacity. Since October 2025, California has lost two major refineries, resulting in a 17% decrease in the state’s refining capacity. Consequently, the foreign share of the state’s refinery supply has risen to 61.1%, up from 51.6% in 2014.

Data from the Energy Information Administration (EIA) indicates that while domestic gasoline supply increased to 208.3 million barrels, gasoline production saw a slight decrease. Additionally, U.S. crude oil inventories fell by 8.6 million barrels, placing them 3% below the five-year average.