Refining margins and crude oil costs are pushing US pump prices higher, according to a September 4, 2026 analysis from the Energy Information Administration. Crack spreads measure the profitability of refining crude oil into gasoline, diesel and other products. The gasoline crack spread at New York Harbor has averaged about $1 a gallon higher since May than it did in 2025, when it peaked near 60 cents a gallon.

EIA attributes the elevated spreads to tight global gasoline supply caused by disruptions to refining activity in Russia, China and the Middle East. Those conditions raised the cost of imported gasoline and increased demand for US exports. The East Coast and West Coast both rely on imports to supplement local production. Since March, total US imports of finished gasoline and blending components have run 32 percent below the 2021 to 2025 five-year average. Gulf Coast shipments moving under limited Jones Act waivers have covered part of the shortfall.

Distillate markets are tighter. Crack spreads for distillate fuel oil and jet fuel exceed gasoline spreads because the disrupted refineries supplied larger volumes of those fuels to global markets. Since March, the New York Harbor distillate crack spread has averaged 74 cents a gallon more than gasoline. US refiners have shifted product yields toward distillate and jet fuel in response.

For the week ending August 28, US distillate inventories stood 14 percent below the five-year average, against 6 percent below average for gasoline.

Source: U.S. Energy Information Administration - https://www.eia.gov/todayinenergy/detail.php?id=68104