U.S. retail gasoline prices heading into Labor Day weekend are highest in four years

U.S. retail gasoline prices heading into Labor Day weekend are highest in four years
The U.S. average retail price for regular gasoline on August 27, 2018, was $2.83 per gallon (gal), the highest price on the Monday before Labor Day since 2014, when it was $3.45/gal. The 2018 price is 43 cents/gal higher than the same time last year. A higher North Sea Brent crude oil price—$18 per barrel (b) higher than the price heading into Labor Day weekend last year and its highest level for this time of year since 2014—is the main driver of the increase in the gasoline price.