According to AAA, regular gasoline is up 3.8% relative to a week ago, diesel up 4.5%.
Figure 1: Regular gasoline (blue, left scale), diesel (red, left scale), jet fuel-kerosene (green, left scale), all $/gal., and spot price Brent oil (black, right scale), $/bbl, all weekly average of daily prices. Source: EIA via FRED.
I also note that the rate at which crude is being drawn down from the Strategic Petroleum Reserve has been dropping. In the 4 weeks from June 7th, it was about 7.5 M barrels/week, in the next 5 weeks into early August it was about 4.2 M b/wk, and over the last 5 weeks it has been about 2.8 M b/week. At a rate of, say, 2.5 M b/wk, we have about 14 weeks before we hit the lower bound of the magic 250 – 300 M barrel range where drawing down more starts to become physically tougher and risks degradation of the facilities. My guess is the drawdown will decrease more as the driving season ends. For contrast, shipments through Hormuz averaged about 20 M barrels/day in 2025.
I can get regular gasoline for $3.80 this Monday afternoon. I am thinking it will be cheaper by Wednesday, so I am holding out. Diesel I couldn’t guess with the refineries mess. The orange creature’s popularity with illiterate semi-drivers seems to be dropping pretty quickly. It’s tough for semi-truck drivers always being the dumb one in the room and therefor voting for the candidate who hurts them the most. Apparently the sledgehammer of diesel prices slamming the side of their cranium finally may cause them to lose their MAGA hats in the truckstop trash can. Wonders never cease