EIA Data Shows USA Gasoline Price in Declining Trend

by Andreas Exarheas
click here to read the original article at Rigzone.com
*this article was not written by Roseland Oil & Gas

The U.S. Energy Information Administration’s (EIA) latest fuel update showed that the U.S. regular gasoline price is in a declining trend.

That update, which was released this week, put the price at $3.643 per gallon as of May 6, $3.608 per gallon as of May 13, and $3.584 per gallon as of May 20. The May 20 U.S. regular gasoline price was $0.050 higher than the year ago price, however, the update outlined.

Of the five Petroleum Administration for Defense District (PADD) regions highlighted in the fuel update, the West Coast was shown to have the highest regular gasoline price as of May 20, at $4.624 per gallon. The Gulf Coast was shown to have the lowest regular gasoline price as of May 20, at $3.113 per gallon.

A glossary section of the EIA site notes that the 50 U.S. states and the District of Columbia are divided into five districts, with PADD 1 further split into three subdistricts. PADDs 6 and 7 encompass U.S. territories, the site adds.

According to the AAA Gas Prices website, the average price of regular gasoline in the U.S. is $3.615 per gallon, as of May 23. Yesterday’s average was $3.611 per gallon, the week ago average was $3.600 per gallon, the month ago average was $3.667 per gallon, and the year ago average was $3.543 per gallon, the AAA site showed.

GasBuddy’s live ticking average for regular unleaded gas in the U.S. was $3.627 per gallon, as of 5am EST on May 23, which the organization outlined was 1.1 cents higher than yesterday’s average, 1.9 cents higher than last week’s average, 4.6 cents lower than last month’s average, and 10.4 cents higher than last year’s average.

Future USA Gasoline Price

In its latest short term energy outlook (STEO), which was released earlier this month, the EIA projected that the U.S. regular gasoline price will average $3.54 per gallon across 2024 and 2025.

The price is expected to come in at $3.66 per gallon in the second quarter, $3.70 per gallon in the third quarter, $3.52 per gallon in the fourth quarter, $3.46 per gallon in the first quarter of next year,  $3.64 per gallon in the second quarter of 2025, $3.66 per gallon in the third quarter, and $3.39 per gallon in the fourth quarter, according to the May STEO.

“Across the United States, we forecast that retail gasoline prices will average near $3.70 per gallon from April through September, which is similar to prices during the same period last year,” the EIA noted in its latest STEO.

“Refinery operations are a source of uncertainty for gasoline markets this summer. An upcoming Perspectives supplement looks in more depth at the effect refinery operations could have on retail gasoline prices,” it added.

In its previous STEO, which was released in April, the EIA forecast that the U.S. regular gasoline price would average $3.59 per gallon in 2024 and $3.58 per gallon in 2025.

Price Breakdown

According to the EIA’s latest fuel update, which pegged the retail price of regular gasoline at $3.43 per gallon in March 2024, 56 percent of that total went towards crude oil costs, 19 percent went towards refining costs, 15 percent went towards taxes, and 10 percent went towards distribution and marketing costs.

The price breakdown of diesel was slightly different in March, the fuel update showed.

This update, which pinned the diesel price at $4.02 per gallon during the month, outlined that 47 percent of that total went towards crude oil costs, 19 percent went towards refining costs, 19 percent went towards distribution and marketing costs, and 15 percent went towards taxes.

by Andreas Exarheas
click here to read the original article at Rigzone.com
*this article was not written by Roseland Oil & Gas