Gasoline Sees 3rd Most Expensive Independence Day Ever
by Andreas Exarheas | Rigzone Staff
click here to read this article at Rigzone.com
*this article was not written by Roseland Oil & Gas
‘Average gasoline prices fell in nearly every state over the last week…pushing the national average to approximately $3.74 per gallon this July 4’, Patrick De Haan, Head of Petroleum Analysis at GasBuddy, said.
In a blog posted on its website on Monday, GasBuddy noted that, according to its data, the average price of gasoline in the U.S. had fallen 6.8 cents over the last week and stood at $3.71 per gallon.
GasBuddy highlighted in the blog that the national average was down 41.3 cents from a month ago and 62.7 cents per gallon higher than a year ago. Patrick De Haan, Head of Petroleum Analysis at GasBuddy, pointed out in the blog that the national average hit around $3.74 per gallon on July 4, which he said was the third most expensive Independence Day ever.
“Average gasoline prices fell in nearly every state over the last week … pushing the national average to approximately $3.74 per gallon this July 4 – the third most expensive Independence Day on record, but well off the peak of $4.57 per gallon seen in May,” De Haan said in the blog.
“GasBuddy is now tracking 41 states with average gasoline prices below $4 per gallon … However, continued Ukrainian attacks on Russian refinery infrastructure have forced Russia to shift from fuel exporter to importer, tightening global supplies and putting upward pressure on crack spreads – explaining why pump prices haven’t fallen as sharply as oil prices might suggest,” he added.
“Until the refining supply picture improves, significant further drops at the pump may be limited,” De Haan warned.
Most Common, Median, Lowest, and Highest Gas Prices
In the blog, GasBuddy noted that the most common U.S. gas price encountered by motorists was $3.49 per gallon, “unchanged from a week ago”. This was followed by $3.59 per gallon, $3.39 per gallon, $3.69 per gallon, and $3.79 per gallon, the blog highlighted.
The median U.S. gas price was $3.59 per gallon, according to the blog, which pointed out that this was down 10 cents from last week and about 12 cents lower than the national average. The top 10 percent of stations in the country averaged $5.05 per gallon and the bottom 10 percent averaged $3.04 per gallon, the blog revealed.
GasBuddy’s blog also showed that the states with the lowest average prices comprised Indiana, at $3.04 per gallon, Oklahoma, at $3.26 per gallon, and Texas, at $3.26 per gallon. The states with the highest average prices were Hawaii, at $5.42 per gallon, California, at $5.33 per gallon, and Washington, at $4.98 per gallon, the blog outlined.
The biggest weekly changes in gasoline price were seen in Ohio, with a 20.4 cent reduction, Colorado, with a 14.5 cent reduction, and Indiana, with a 13.6 cent reduction, according to the blog.
Price Downtrend
The U.S. Energy Information Administration’s (EIA) latest gasoline fuel update at the time of writing, which was released on June 30, showed a recent declining price trend for U.S. regular gasoline. According to this update, the fuel price averaged $4.052 per gallon on June 15, $3.914 per gallon on June 22, and $3.831 per gallon on June 29.
Although the EIA’s gasoline fuel update outlined a recent price drop, it still highlighted that the June 29 price was $0.352 higher than the price two years ago, and $0.667 higher than the year ago price.
Of the five Petroleum Administration for Defense District (PADD) regions highlighted in the EIA’s latest fuel update at the time of writing, the West Coast was shown to have the highest regular gasoline price as of June 29, at $4.919 per gallon. The Gulf Coast was shown in the update to have the lowest regular gasoline price as of June 29, at $3.321 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.
The EIA’s next gasoline fuel update is scheduled to be released later today.
Current Price
GasBuddy’s live ticking average for regular gasoline in the U.S. was $3.738 per gallon as of 4.45am EST on July 7. The figure was 1.9 cents higher than yesterday’s average, 6.1 cents lower than last week’s average, 39.4 cents lower than last month’s average, and 64.6 cents higher than last year’s average, GasBuddy’s website highlighted.
According to the AAA Fuel Prices website, the average price of regular gasoline in the U.S. is $3.7900 per gallon, as of July 7. Yesterday’s average was $3.7970 per gallon, the week ago average was $3.8470 per gallon, the month ago average was $4.1740 per gallon, and the year ago average was $3.1440 per gallon, the site showed.
The highest recorded average price for regular gasoline was seen on June 14, 2022, at $5.0160 per gallon, the AAA Fuel Prices site outlined.
by Andreas Exarheas | Rigzone Staff
click here to read this article at Rigzone.com
*this article was not written by Roseland Oil & Gas