U.S. Gasoline Prices Hit Record High as Energy Costs Stay Elevated

U.S. regular unleaded gasoline averaged $4.15 a gallon nationwide on Monday, the highest price for the same period on record and well above the $3.82 peak set on September 3, 2012, according to Jiemian News. The American Automobile Association said higher crude costs have offset the usual seasonal decline in fuel demand after the summer driving season. WTI crude rose more than 1.3% on Monday to $92.70 a barrel. Diesel averaged $5.90 a gallon, up from $3.71 a year earlier, as drone attacks on Russian refineries and disruptions in the Middle East tightened global supply. Goldman Sachs said the global refining market is likely to remain tight through next year, raised its forecast for diesel refining margins by more than double, and lifted its WTI price forecasts for December 2026 and 2027 by $5 a barrel to $80 and $75, respectively. The U.S. Energy Information Administration said about 4.9 million barrels a day of crude oil and energy moved through the Strait of Hormuz in the second quarter, down sharply from an average of 21.6 million barrels a day in the fourth quarter of 2025. It also said U.S. gasoline inventories were 6% below average in the week ended August 28. Jiemian News reported that U.S. consumers are facing higher travel costs, while the Trump administration has taken emergency steps to boost supply and ease voter frustration.