US Refineries Run at 96 Percent Capacity as Gasoline Tops $4 and Diesel Hits $5.13 Per Gallon

American refineries processed crude oil at 96.2 percent of their operable capacity during the week ending July 17, 2026, according to the U.S. Energy Information Administration. Crude oil inputs averaged 17.1 million barrels per day, just 58 thousand barrels per day below the prior week's average. Consumer fuel costs have risen year-on-year, with diesel up 34.7 percent and regular gasoline up 28.2 percent.

Gasoline and Diesel Prices at Multi-Year Highs

The national average retail price for regular gasoline reached $4.001 per gallon on July 20, 2026, up $0.880 from the year-ago price, a 28.2 percent increase. On-highway diesel climbed to $5.134 per gallon, up $1.322 from one year earlier, a 34.7 percent year-on-year gain. Both figures reflect the cumulative effect of rising crude costs on refined product prices, not just near-term spot market moves.

The West Texas Intermediate benchmark crude oil spot price stood at $83.43 per barrel on July 17, 2026, the EIA data shows. Since that date, WTI climbed to $91.47 per barrel as of Wednesday afternoon, according to OilPrice.com. Using an industry rule of thumb, each $1 per barrel move in crude oil translates to roughly $0.024 per gallon at retail pumps. The $8.04 per barrel crude gain since July 17 implies about $0.19 per gallon of additional upward pressure on retail gasoline prices. If sustained, that would push the national average above $4.19 per gallon in coming days.

All Product Inventories Below Five-Year Averages

Refined product inventories remain lean across all categories, the EIA data confirms. Motor gasoline stocks stood at 211.3 million barrels, about 7 percent below the five-year seasonal average. Distillate fuel oil inventories measured 109.6 million barrels, about 10 percent below the five-year average. Crude oil inventories excluding the Strategic Petroleum Reserve totaled 411.7 million barrels, about 6 percent below the seasonal five-year average.

Below-average inventories reduce the cushion refiners and marketers carry to absorb demand spikes or supply disruptions. Distillate inventories are the most stretched relative to seasonal norms at a 10 percent deficit. That gap is contributing to elevated diesel retail prices and leaves cold-season supply with a narrow buffer heading into fall.

Jet Fuel Demand Leads Year-on-Year Growth

Total products supplied over the four weeks ending July 17 averaged 20.4 million barrels per day, down 1.0 percent from the same period last year. Jet fuel product supplied grew 9.1 percent year-on-year, a strong signal of summer air travel demand. Motor gasoline supplied rose 1.4 percent and distillate fuel supplied increased 2.2 percent over the same four-week comparison.

Refineries are responding by lifting output. Gasoline production averaged 9.761 million barrels per day during the week, up from 9.708 million the prior week. Distillate fuel oil production averaged 5.246 million barrels per day, versus 5.216 million the prior week. Despite running at near-maximum utilization, production gains are being absorbed by demand growth rather than rebuilding depleted inventories.

Crude Import Volumes Down 11 Percent From Last Year

U.S. crude oil imports averaged 5.8 million barrels per day for the week ending July 17, 2026, up 117 thousand barrels per day from the prior week. Over the four-week period, crude imports averaged 5.6 million barrels per day, down 11.4 percent compared with the same period in 2025. Growing domestic production has reduced import dependence even as geopolitical risk around the Strait of Hormuz intensifies.