US gasoline prices fell to around $2.90 per gallon, hovering just above their lowest level in more than three months after reversing much of their conflict-driven surge over the past quarter. Oil flows through the Strait of Hormuz continued to improve, with crude shipments topping 10 million barrels per day under US military protection, according to a US official. The UAE also restored exports to pre-war levels by relying on alternative routes, while Iran's crude shipments exceeded 40 million barrels after the US ended its naval blockade. Separately, President Donald Trump welcomed progress in negotiations following another round of indirect talks. On the data front, gasoline inventories fell by a larger-than-expected 2.333 million barrels in the week ended June 26. Elsewhere, US Treasury Secretary Scott Bessent urged oil and gas companies to cut fuel prices, a day after President Donald Trump called on retailers to lower gasoline prices.

Gasoline fell to 2.88 USD/Gal on July 2, 2026, down 2.11% from the previous day. Over the past month, Gasoline's price has fallen 7.94%, but it is still 36.00% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Gasoline reached an all time high of 4.33 in June of 2022. Gasoline - data, forecasts, historical chart - was last updated on July 2 of 2026.

Gasoline fell to 2.88 USD/Gal on July 2, 2026, down 2.11% from the previous day. Over the past month, Gasoline's price has fallen 7.94%, but it is still 36.00% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Gasoline is expected to trade at 3.16 USD/GAL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 3.37 in 12 months time.



Price Day Month Year Date
Crude Oil 67.92 -0.659 -0.96% -29.26% 1.63% Jul/02
Brent 70.98 -0.586 -0.82% -27.43% 3.41% Jul/02
Natural gas 3.18 -0.0366 -1.14% -0.95% -7.62% Jul/02
Gasoline 2.88 -0.0629 -2.14% -7.96% 35.96% Jul/02
Heating Oil 3.19 -0.0276 -0.86% -17.09% 34.81% Jul/02
Ethanol 1.88 0.0050 0.27% -4.81% 8.67% Jul/01
Naphtha 613.74 -3.00 -0.49% -19.04% 11.30% Jul/01
Propane 0.70 -0.01 -1.05% -16.18% -3.46% Jul/02
Uranium 86.05 0.5500 0.64% -0.23% 10.60% Jul/01
Methanol 2,370.00 -12.00 -0.50% -23.75% -1.99% Jul/02



Related Last Previous Unit Reference
United States API Gasoline Stocks 2.11 1.24 BBL/1Million Jun 2026
United States Gasoline Prices 1.07 1.18 USD/Liter Jun 2026
United States Gasoline Production 481.00 -588.00 Thousand Barrels Jun 2026
United States Gasoline Stocks Change -2333.00 2064.00 Thousand Barrels Jun 2026

Gasoline
Gasoline is the largest refined petroleum product consumed in the United States, accounting for a significant share of total oil demand. It is a key fuel for transportation and an important indicator of consumer activity and economic conditions. Gasoline futures traded in the U.S. include reformulated gasoline blendstock for oxygen blending (RBOB), which is used as the benchmark for wholesale gasoline pricing. These contracts are traded on NYMEX and represent 42,000 gallons (equivalent to 1,000 barrels) per contract. Delivery is based at petroleum product terminals in New York Harbor, a major East Coast trading and distribution center for both domestic refinery output and imports. Gasoline prices displayed on Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments and are intended to provide a general market reference only. These prices do not represent official benchmark prices. The data is supplied by a third party and, while efforts are made to ensure its reliability, Trading Economics does not verify the data and makes no representations or warranties.
Actual Previous Highest Lowest Dates Unit Frequency
2.88 2.95 4.33 -1.00 2005 - 2026 USD/GAL Daily

News Stream
Gasoline Prices Decline
US gasoline prices fell to around $2.90 per gallon, hovering just above their lowest level in more than three months after reversing much of their conflict-driven surge over the past quarter. Oil flows through the Strait of Hormuz continued to improve, with crude shipments topping 10 million barrels per day under US military protection, according to a US official. The UAE also restored exports to pre-war levels by relying on alternative routes, while Iran's crude shipments exceeded 40 million barrels after the US ended its naval blockade. Separately, President Donald Trump welcomed progress in negotiations following another round of indirect talks. On the data front, gasoline inventories fell by a larger-than-expected 2.333 million barrels in the week ended June 26. Elsewhere, US Treasury Secretary Scott Bessent urged oil and gas companies to cut fuel prices, a day after President Donald Trump called on retailers to lower gasoline prices.
2026-07-02
Gasoline Prices Edge Down
US gasoline prices hovered at $2.90 per gallon, as markets turned their attention to prospects for US-Iran peace talks, though uneven messaging from both sides kept uncertainty elevated. Iran’s Deputy Foreign Minister Kazem Gharibabadi also said Tehran would move ahead with plans to jointly manage traffic in the Strait of Hormuz “if for any reason Oman is not interested in doing so,” highlighting continued disagreements over the key shipping route. Traffic through the strategic waterway eased over the weekend after renewed clashes damaged two vessels, while tanker operators and crews have remained willing to keep transiting the route. Domestically, President Donald Trump urged gasoline retailers to bring prices down immediately, warning that there would be “big problems” ahead if they failed to do so. For the month, gasoline prices are heading for a 6% drop and a roughly 10% decline for Q2.
2026-06-30
Gasoline Prices Move Higher
US gasoline prices rose toward $2.99 per gallon, tracking gains in crude oil prices, as markets continued to price in risks to global oil supplies after the recent exchange of strikes between the US and Iran. Although both sides agreed to pause further attacks and allow commercial vessels to transit the Strait of Hormuz ahead of peace talks later this week, according to a US official speaking on condition of anonymity, investors remain wary. The latest flare-up disrupted the recovery in oil shipments through the strategic waterway that had followed an earlier interim agreement, while many shipowners continued to avoid the route, leaving hundreds of vessels stranded in the Persian Gulf. Adding to geopolitical tensions, Israel said it launched fresh strikes on Iran-backed Hezbollah infrastructure in southern Lebanon. Meanwhile, Saudi Aramco resumed crude loadings at Ras Tanura after a nearly four-month suspension.
2026-06-29