Gasoline Prices Reach Highest Levels for This Time of Year
U.S. gasoline prices have reached record levels for this time of year, with national averages at $4.22 per gallon and diesel averaging $5.94 per gallon as of September 9, 2026. These high prices are attributed to energy bottlenecks from the U.S.-Iran conflict and refining constraints that pushed crack spreads—differences between crude oil and refined fuel prices—to new highs. According to Andy Lipow of Lipow Oil Associates, consumers effectively pay an equivalent of $177 per barrel for gasoline and $250 for diesel due to these factors. Gasoline and diesel futures have surged by more than 78% and 124%, respectively, year-to-date. JPMorgan analysts noted that prices remain at record levels on a seasonally adjusted basis during the Labor Day weekend. In California, where refining capacity is limited and taxes are high, some stations approach $8 per gallon for diesel, raising concerns about potential double-digit pricing. The surge in fuel costs could increase expenses across sectors reliant on diesel such as farming, trucking, and deliveries. Brent crude has also risen above $100 a barrel after two months of decline.
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Topics: crude oil diesel prices energy markets gasoline prices