USA Gasoline Price Dropping
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. regular gasoline price is on a downtrend, data from the U.S. Energy Information Administration’s (EIA) latest fuel update shows.
The price for U.S. regular gasoline dropped from $3.837 per gallon on September 25, to $3.798 per gallon on October 2, and $3.684 per gallon on October 9, according to the update, which also highlighted that the fuel price is $0.228 lower than last year.
Over the last few weeks, the regular gasoline price issued consecutive drops across all but one region included in the report. In the East Coast (PADD1), the price dropped from $3.598 per gallon on September 25, to $3.538 per gallon on October 2, and $3.476 per gallon October 9, and in the Midwest (PADD2), the fuel price dropped from $3.639 per gallon on September 25, to $3.539 per gallon on October 2, and $3.422 per gallon on October 9, the update revealed.
In the Gulf Coast (PADD3), the regular gasoline price dropped from $3.351 per gallon on September 25, to $3.321 per gallon on October 2, and $3.185 per gallon on October 9, and in Rocky Mountain (PADD4), the fuel price dropped from $3.996 per gallon on September 25, to $3.920 per gallon on October 2, and $3.820 per gallon on October 9, the update highlighted.
In the West Coast (PADD5), the gasoline price dropped from $5.258 per gallon on September 25, then rose to $5.391 per gallon October 2, before dropping to $5.167 per gallon on October 9, the update pointed out.
All five regions included in the report have seen the gasoline price drop year on year, the update outlined. Compared to a year ago, the price has dropped by $0.003 in PADD1, $0.459 in PADD2, $0.109 in PADD3, $0.127 in PADD4, and $0.506 in PADD5, according to the update.
The update highlighted that, as of October 9, the West Coast was the region with the most expensive regular gasoline price, at $5.167 per gallon, while the Gulf Coast was the region with the cheapest regular gasoline price, at $3.185 per gallon.
Current, Future Prices
According to the AAA Gas Prices website, the average regular gasoline price in the U.S. is trading at $3.646 per gallon as of October 12.
Yesterday’s average was $3.663 per gallon, the week ago average was $3.768 per gallon, the month ago average was $3.836 per gallon, and the year ago average was $3.922 per gallon, the site showed. The highest recorded average price for regular gasoline was seen on June 14, 2022, at $5.016 per gallon, the site highlighted.
According to a live ticking average on the GasBuddy website, the price for regular gasoline in the U.S. was $3.641 per gallon as of 6.20am EST on October 12. The site outlined that this was 0.3 cents lower than yesterday’s average, 11.2 cents lower than last week’s average, 17.7 cents lower than last month’s average, and 30.6 cents lower than last year’s average.
In its latest short term energy outlook (STEO), which was released on Wednesday, the EIA projected that the regular gasoline price will average $3.74 per gallon in the fourth quarter and $3.62 per gallon overall in 2023. The STEO forecast that the fuel will average $3.69 per gallon in 2024.
What Do You Pay for in a Gallon of Regular?
According to the EIA’s latest fuel update, which pegged the retail price of regular gasoline at $3.84 per gallon in August, 50 percent of that total went towards crude oil costs, 25 percent went towards refining costs, 13 percent went towards taxes, and 11 percent went towards distribution and marketing costs.
In a previous fuel update released back in August, which pegged the retail price of gasoline at $3.57 per gallon in June, the EIA revealed that 47 percent of that total went towards crude oil costs, 24 percent went towards refining costs, 14 percent went towards distribution and marketing costs, and the remaining 14 percent went towards taxes.
In a fuel update released in June last year, which put the retail gasoline price at $4.44 per gallon, the EIA outlined that 59 percent of the gasoline total went on crude oil costs, 26 percent went towards refining costs, 11 percent went towards taxes, and five percent went on distribution and marketing.
by Andreas Exarheas
click here to read the original article at Rigzone.com
*this article was not written by Roseland Oil & Gas