USA Gasoline Shows Rising Price Trend

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

The U.S. Energy Information Administration’s (EIA) latest gasoline fuel update, which was released on July 28, showed a rising price trend for U.S. regular gasoline.

According to this update, the fuel rose from an average of $3.855 per gallon on July 13, to $4.001 per gallon on July 20, and $4.096 per gallon on July 27. The July 27 price was $0.612 higher than the price two years ago and $0.973 higher than the year ago price, the fuel update outlined.

Of the five Petroleum Administration for Defense District (PADD) regions highlighted in the EIA’s latest fuel update, the West Coast was shown to have the highest U.S. regular gasoline price as of July 27, at $5.117 per gallon. The Gulf Coast was shown in the update to have the lowest U.S. regular gasoline price as of July 27, at $3.690 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 Fuel Prices website, the average U.S. regular gasoline price is $4.0980 per gallon, as of July 30. Yesterday’s average was $4.0910 per gallon, the week ago average was $4.0910 per gallon, the month ago average was $3.8470 per gallon, and the year ago average was $3.1400 per gallon, the site highlighted.

The U.S. Energy Information Administration’s latest gasoline fuel update showed a rising price trend for U.S. regular gasoline. 

The highest recorded average price for regular gasoline in the U.S. was seen on June 14, 2022, at $5.0160 per gallon, the AAA Fuel Prices site outlined.

In a blog posted on its website on Monday, GasBuddy outlined that, according to its data, the average price of gasoline in the U.S. had risen 10.8 cents over the last week and stood at $4.06 per gallon.

GasBuddy highlighted in the blog that the national average was up 23.9 cents from a month ago and up 95.6 cents per gallon from a year ago.

“Average gasoline and diesel prices rose in nearly every state over the last week, as continued escalations between the U.S. and Iran, renewed Houthi attacks in the Red Sea, and fresh Ukrainian strikes on Russian oil refineries combined to keep upward pressure on both crude and refined product markets,” Patrick De Haan, Head of Petroleum Analysis at GasBuddy, said in the blog.

“However, a weekend pullback in hostilities offered some relief, with oil prices opening sharply lower Sunday, suggesting the pace of increases at the pump may moderate in the days ahead,” he added in the blog.

“For now, motorists should expect prices to remain elevated, but the intensity of further gains will depend heavily on how the geopolitical situation develops in the coming week,” he continued.

GasBuddy noted in its blog that the most common U.S. gas price encountered by motorists was $3.89 per gallon, “down 10 cents from a week ago”. This was followed by $3.99 per gallon, $3.79 per gallon, $3.69 per gallon, and $4.19 per gallon, the blog revealed.

The median U.S. gas price was $3.91 per gallon, “up five cents from last week and about 15 cents lower than the national average”, GasBuddy pointed out in the blog, adding that the top 10 percent of stations in the country averaged $5.30 per gallon, while the bottom 10 percent averaged $3.49 per gallon.

The states with the lowest average prices comprised Indiana, at $3.49 per gallon, Mississippi, at $3.65 per gallon, and Texas, at $3.67 per gallon, according to the blog, which highlighted that the states with the highest average prices comprised California, at $5.61 per gallon, Hawaii, at $5.41 per gallon, and Washington, at $5.06 per gallon.

GasBuddy’s blog showed that the biggest weekly changes occurred in Delaware, with an 18.6 cent increase, Maryland, which saw a 15.7 cent increase, and Georgia, which saw a 15.4 cent increase, according to the blog.

In a maternal healthcare event hosted in the White House Oval Office on May 11, which was streamed live on the White House YouTube page, U.S. President Donald Trump said, “as soon as this is over with Iran … you’re going to see gasoline and oil drop like a rock”. 

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