WTI, Brent and the price at the pump
Four US energy prices are quoted daily and they are not interchangeable. The gap between a crude benchmark and the retail pump price is mostly tax, refining and distribution, and it changes slowly.
At a glance
| Measure | Latest | Period | Published by | Frequency |
|---|---|---|---|---|
| WTI crude oil | 96.41 USD/barrel | Sep 22, 2026 | EIA | Daily |
| Brent crude oil | 114.89 USD/barrel | Sep 22, 2026 | EIA | Daily |
| Regular retail gasoline | 4.48 USD/gal | Sep 21, 2026 | EIA | Weekly |
| Retail diesel | 6.53 USD/gal | Sep 21, 2026 | EIA | Weekly |
| Henry Hub natural gas | 2.9 USD/MMBtu | Sep 22, 2026 | EIA | Daily |
How each one is built
- WTI crude oil
- Method: Spot price at Cushing, Oklahoma — the US benchmark, light and sweet
- Covers: Landlocked delivery point; discount to Brent reflects transport
- Released: Next business day
- Brent crude oil
- Method: North Sea waterborne benchmark used to price most international crude
- Covers: The benchmark most US coastal refiners actually pay against
- Released: Next business day
- Regular retail gasoline
- Method: Average pump price including federal, state and local taxes
- Covers: National; by region, state and city in the weekly series
- Released: Monday afternoon
- Retail diesel
- Method: Average on-highway diesel price including taxes
- Covers: Freight costs pass through this price, not through gasoline
- Released: Monday afternoon
- Henry Hub natural gas
- Method: US natural gas spot benchmark, Louisiana
- Covers: Prices power generation and industrial gas, not motor fuel
- Released: Next business day
Why the pump does not follow crude one for one
Roughly half of a US gallon’s price is crude. The rest is refining margin, distribution, marketing and tax, and taxes alone range from under 15 cents to over 70 cents a gallon depending on the state. That is why a 20% fall in crude does not produce a 20% fall at the pump, and why California can stay far above the national average for years.
Refining capacity matters more than crude in some episodes. When refineries are offline the crack spread widens and pump prices rise while crude is flat — a pattern that repeats after hurricanes on the Gulf Coast.
Which one to use
Use Brent for the global oil market and for anything affecting international trade or inflation abroad. Use WTI for US production economics and for the price US shale producers receive.
Use retail gasoline for consumer inflation and sentiment — it is the price most visible to households and it drives short-term inflation expectations more than any other single item. Use diesel for freight costs: trucking, rail and agriculture run on it, so it passes into goods prices broadly.
Henry Hub belongs to a different market. US natural gas is priced regionally and barely tracks crude at all, which is why electricity and heating costs can fall while petrol rises.
Frequently asked questions
- Why is WTI usually cheaper than Brent?
- WTI is delivered inland at Cushing, Oklahoma, so its price carries a transport discount relative to waterborne Brent, which is directly accessible to international buyers.
- How much of a US gasoline price is tax?
- The federal tax is 18.4 cents a gallon, and state taxes add anywhere from a few cents to more than 50 cents, so the total varies widely by state.
- Why does diesel sometimes cost more than gasoline?
- Diesel competes with heating oil and jet fuel for the same part of the barrel, and demand for it is less seasonal, so refining constraints can push it above gasoline.
- Does the Henry Hub price affect petrol prices?
- Almost not at all. Natural gas and crude oil trade in separate markets with separate supply constraints; the two prices decoupled in the United States after the shale expansion.
