US Gasoline Stockpiles Hit 12-Year Low Amid Refining Crisis

United States gasoline stockpiles dropped to 204 million barrels last week, the lowest level since November 2014. Data from the U.S. Department of Energy attributes the supply decline to a global refining crisis and a specific refinery outage in the Chicago area, which pushed Midwest stockpiles to all-time lows.

Rising scarcity has pushed average pump prices to $4.43 a gallon as of September 29, 2026. According to the American Automobile Association, these represent the highest average prices on record seasonally since mid-August.

These fuel costs emerge 34 days before the general election, creating political risk for Donald Trump and the Republican party. In response to high diesel prices, officials have discussed a potential export ban. However, such a measure could further reduce gasoline and jet fuel production if refiners decrease crude oil processing to manage storage constraints.