What’s troubling Trump about U.S. fuel prices?

On May 18, 2026—the Monday before the Memorial Day long weekend—the national average retail price for regular gasoline in the United States stood at $4.49 per gallon, 42% higher (or $1.32 per gallon) than a multi-year low recorded one year earlier. This marks the highest average gasoline price on the Monday before Memorial Day weekend since the sharp surge in crude oil prices triggered by Russia’s war against Ukraine in 2022. Against the backdrop of rising gasoline prices nationwide, regional factors—including local supply and demand conditions, state-specific fuel specifications, and state fuel taxes—influence the prices drivers see at the pump. Retail gasoline prices are typically highest along the U.S. West Coast, due to limited connectivity with other major refining centers, tight local supply-and-demand conditions, state fuel taxes above the national average, and California’s stringent gasoline specifications—which raise production costs. On May 18, 2026, the West Coast’s average gasoline price was $5.61 per gallon—up 31% ($1.32 per gallon) year-on-year. Gasoline imports into the West Coast have remained elevated compared to previous years, reflecting reduced refining capacity in the region. In contrast, gasoline prices along the Gulf Coast are typically the lowest nationwide, owing to the region hosting over half of U.S. refining capacity and levying gasoline taxes below the national average. On May 18, 2026, the Gulf Coast’s average retail gasoline price was $3.95 per gallon—up 42% ($1.17 per gallon) year-on-year. The East Coast—the largest gasoline-demand region among the five U.S. regions—recorded an average retail gasoline price of $4.31 per gallon on May 18, 2026, up 44% ($1.32 per gallon) from last year. On the same date, the Midwest’s average retail gasoline price stood at $4.40 per gallon—up 45% ($1.37 per gallon) from 2025; the Rocky Mountain region’s average was $4.59 per gallon—up 47% ($1.46 per gallon) year-on-year. In recent weeks, temporary refinery shutdowns and maintenance activities have driven up fuel prices across the Midwest and Rocky Mountain regions. In Illinois, Phillips 66’s Wood River Refinery (capacity: 356,000 barrels per day) and Marathon Petroleum’s Robinson Refinery (capacity: 253,000 barrels per day) are undergoing scheduled maintenance shutdowns. In Indiana, BP’s Whiting Refinery (capacity: 440,000 barrels per day) experienced a brief unplanned outage following a power interruption. In Colorado, Suncor’s Commerce City Refinery (capacity: 117,000 barrels per day) began maintenance in March and suffered an unplanned shutdown in May due to a power outage. Looking at highway diesel prices: California posted the nation’s highest diesel price at $7.222 per gallon on May 18, 2026; the West Coast (Defense Petroleum Supply Region 5) ranked second at $6.524 per gallon; and the West Coast excluding California ranked third at $5.92 per gallon. The Memorial Day holiday is one of the busiest travel periods of the year in the United States, with many travelers opting to drive.

How should we view the UK’s restart of the 435,000-barrel-per-day Whiting Refinery in Indiana?

Thank you for the question. For the Northern Hemisphere, every winter represents a peak energy-consumption season. The UK’s decision to restart the 435,000-barrel-per-day Whiting Refinery in Indiana is likely linked to the approaching winter heating season—and the need to boost energy supply during winter months. Additionally, LNG prices typically rise each winter, driven by seasonal factors such as increased heating demand. To mitigate risks stemming from unpredictable global LNG supply—especially potential shortages and sharp price spikes—the UK’s move to expand controllable conventional energy supply constitutes a prudent strategy for hedging against such LNG-related uncertainties.

BP Says Whiting, Indiana Refinery Offered to Meet Union, Awaits Response

4 days ago

BP stated its Whiting, Indiana refinery offered to meet United Steelworkers representatives next week following stalled contract negotiations since May. The company remains ready to engage through formal bargaining or mediation to resolve outstanding labor issues.

reuters

2026-11-06

BP Says Whiting, Indiana Refinery Offered to Meet Union, Awaits Response

BP Says Whiting, Indiana Refinery Offered to Meet Union, Awaits Response

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