EIA Raises USA Diesel Price Forecasts
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 (EIA) raised its U.S. diesel price forecasts for both 2024 and 2025 in its latest short term energy outlook (STEO), which was released recently.
According to its March STEO, the EIA now sees U.S. on-highway diesel fuel averaging $4.01 per gallon in 2024 and $4.08 per gallon in 2025.
The EIA sees the fuel averaging $3.97 per gallon in the first quarter of this year, $3.92 per gallon in the second quarter, $3.99 per gallon in the third quarter, $4.15 per gallon in the fourth quarter, $4.18 per gallon in the first quarter of 2025, $4.08 per gallon in the second quarter, $4.03 per gallon in the third quarter, and $4.04 per gallon in the fourth quarter, the report revealed.
In its previous STEO, which was released in February, the EIA projected that the U.S. on-highway diesel fuel price would average $3.92 per gallon in 2024 and $3.89 per gallon in 2025.
In that STEO, the EIA forecast that the U.S. on-highway diesel fuel price would average $3.94 per gallon in the first quarter of 2024, $3.92 per gallon in the second quarter, $3.84 per gallon in the third quarter, $3.97 per gallon in the fourth quarter, $3.99 per gallon in the first quarter of next year, $3.90 per gallon in the second quarter, $3.81 per gallon in the third quarter, and $3.87 per gallon in the fourth quarter of 2025.
Current Price
According to the EIA’s latest diesel fuel update, which was released on March 18, the U.S. on-highway diesel fuel price stood at $4.022 per gallon on March 4, $4.004 per gallon on March 11, and $4.028 per gallon on March 18. March 18’s diesel price is $0.157 down compared to the year ago price, the update outlined.
As of March 18, the West Coast was shown in the update to have the highest U.S. on-highway diesel fuel cost ($4.639 per gallon), while the Gulf Coast was shown to have the cheapest U.S. on-highway diesel fuel cost ($3.745 per gallon).
According to the AAA Gas Prices website, the average price of diesel in the U.S. is $4.058 per gallon, as of March 21. Yesterday’s average was $4.052 per gallon, the week ago average was $4.037 per gallon, the month ago average was $4.097 per gallon, and the year ago average was $4.284 per gallon, the AAA site showed.
The highest recorded average price for diesel in the U.S. was seen on June 19, 2022, at $5.816 per gallon, the site outlined.
What Do You Pay For?
The EIA’s latest diesel fuel update, which pinned the retail price of diesel at $3.85 per gallon in January, showed that 45 percent of that total went towards crude oil costs, 21 percent went towards distribution and marketing costs, 19 percent went towards refining costs, and 15 percent went towards taxes.
In comparison, the EIA’s latest gasoline fuel update, which was also released on March 18 and which pegged the retail price of regular gasoline at $3.08 per gallon in January, showed that 57 percent of that total went towards crude oil costs, 17 percent went towards taxes, 16 percent went towards distribution and marketing costs, and 11 percent went towards refining costs.
A previous EIA diesel fuel update released in January last year, which pinned the retail price of diesel in December 2022 at $4.71 per gallon, showed that 39 percent of that total went towards crude oil costs, 27 percent went towards distribution and marketing costs, 22 percent went towards refining costs, and 12 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