Fuel prices remain well above pre-war levels, EIA data show

Gasoline and diesel prices remain substantially above pre-war levels, even after falling from earlier highs, according to an Econbrowser summary of Energy Information Administration data. The figures show a wider retreat in crude oil from its wartime peak than in refined fuel prices.

Econbrowser said gasoline prices were 36.2% above pre-war levels through the latest reported day, while diesel prices were 34.8% higher on the same basis. Both fuels were below their prior peaks, with gasoline down 11.9% and diesel down 9%.

The comparison with crude oil was sharper. Econbrowser said oil as of July 13 was 40.9% below its earlier U.S.-Iran wartime peak. Current NYMEX Brent cash was reported at 35.4% below that prior wartime peak, while still standing 25.2% above pre-war levels.

Brent is a major international benchmark for crude oil pricing, while gasoline and diesel are refined products sold into end markets. Differences between crude and product price moves can reflect the separate pricing of raw oil, refining, distribution and product-specific market conditions. The EIA figures cited by Econbrowser show that the decline from peak levels has been larger for crude than for the two transport fuels.

The data point to a fuel market in which consumers and businesses using gasoline and diesel have seen prices ease from highs, but not return to pre-war levels. Diesel’s position is particularly relevant for freight, agriculture and industry, where the fuel is a direct operating cost. Gasoline prices are more visible to households and can affect perceptions of inflation at the pump.

Econbrowser did not provide additional detail in the post on the underlying drivers of the gap between crude and refined product prices. The reported percentages cover relative moves against pre-war levels and prior peaks, rather than absolute dollar prices.

This story draws on original reporting from Econbrowser.