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The U.S. average retail price of diesel set a new low for the year, falling 2.4 cents to $2.465 a gallon, the Department of Energy reported.

Oil slipped to the lowest since November as weaker demand at the start of the summer driving season led to another increase in gasoline stockpiles.

The California Legislature and Gov. Jerry Brown just passed a bill that will plow $52.4 billion in taxes and fees aimed at shoring up California’s freeways, roads and bridges.

American drivers paying the most for gasoline since 2015 can take some comfort from forecasts that prices don’t have much further to rise.

Demand for gasoline in the United States, which accounts for one-tenth of global oil consumption, is expected to peak next year as engines become more efficient, WoodMackenzie analysts said.

Gasoline exports have risen above imports for three consecutive weeks as recurring pipeline outages and higher production levels by refiners caused Gulf Coast inventories to grow.

The global oil market is "severely oversupplied" with gasoline — with stocks at a five-year high — serving as a blow to crude prices from next month, reckon Morgan Stanley analysts led by Adam Longson.

Refineries across the nation are operating full out and imports are pouring into the East Coast, boosting gasoline supplies to a record.