Gasoline Costs Hit Record High, Draining Billions

June 8, 2022

We are seeing the highest finished motor gasoline prices on record. The United States currently spends about $1.86 billion on gasoline daily (as of June 6, 2022). That is almost $800 million above the 5-year average and a yearly cost of $677 billion. Gasoline accounts for a little more than half of the finished petroleum product barrels consumed. Jet fuel, distillate fuel oil, lubricants, petrochemical feedstocks, petroleum coke, asphalt and road oil, etc. are not included in that $677 billion. Given its impact on American society, investment levels in oil and gas are far too low.

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