Story By Andreas Exarheas |Rigzone.com| The U.S. Energy Information Administration’s (EIA) latest gasoline and diesel fuel update, released earlier this week, showed a decreasing price trend in gasoline and diesel.
That update put the U.S. regular gasoline price at $3.289 per gallon on September 2, $3.236 per gallon on September 9, and $3.180 per gallon on September 16. It put the U.S. on-highway diesel fuel price at $3.625 per gallon on September 2, $3.555 per gallon on September 9, and $3.526 per gallon on September 16.
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 regular gasoline price as of September 16, at $4.136 per gallon. The Gulf Coast was shown to have the lowest regular gasoline price as of September 16, at $2.728 per gallon.
The update showed the West Coast to have the highest on-highway diesel price as of September 16, at $4.244 per gallon, and the Gulf Coast to have the lowest, at $3.172 per gallon.
The EIA site’s glossary notes that the 50 U.S. states and the District of Columbia are divided into five districts, with PADD 1 further divided into three subdistricts. The site adds that PADDs 6 and 7 encompass U.S. territories.
Current, Future Prices
According to the AAA Gas Prices website, the average price of regular gasoline in the U.S. is $3.224 per gallon as of September 19. Yesterday’s average was $3.215 per gallon, the week ago the average was $3.242 per gallon, the month ago the average was $3.411 per gallon, and the year-ago the average was $3.880 per gallon, the site showed.
The average diesel price in the U.S. is $3.596 per gallon, as of September 19, according to the site. Yesterday’s average was also $3.596 per gallon, the week ago the average was $3.637 per gallon, the month ago the average was $3.733 per gallon, and the year-ago the average was $4.582 per gallon, the site highlighted.
The AAA Gas Prices site outlined the highest recorded average price for regular gasoline, $5.016 per gallon, on June 14, 2022, and the highest recorded average price for diesel, $5.816 per gallon, on June 19, 2022.
In its latest short-term energy outlook, released last week, the EIA projected that the regular gasoline price will average $3.33 per gallon in 2024 and $3.29 per gallon in 2025. The September STEO forecast that the on-highway diesel price will average $3.78 per gallon this year and $3.73 per gallon next year.
In its previous August STEO, the EIA projected that the regular gasoline price would average $3.38 per gallon in 2024 and $3.33 per gallon in 2025 and that the on-highway diesel price would average $3.84 per gallon this year and $3.87 per gallon next year.
Price Breakdown
According to the EIA’s latest fuel update, which pegged the retail price of regular gasoline at $3.48 per gallon in July 2024, 56 percent of that total went towards crude oil costs, 16 percent went towards distribution and marketing costs, 15 percent went towards taxes, and 13 percent went towards refining costs.
The fuel update pinned the diesel price at $3.81 per gallon in July and showed that 51 percent of that total went towards crude oil costs, 21 percent went towards distribution and marketing costs, 16 percent went towards taxes, and 13 percent went towards refining costs.
A previous EIA fuel update released in June, which pegged the retail price of regular gasoline at $3.61 per gallon in April 2024, showed that 55 percent of that total went towards crude oil costs, 19 percent went towards refining costs, 14 percent went towards taxes, and 12 percent went towards distribution and marketing costs.
According to that update, which pinned the diesel price at $4.00 per gallon during April 2024, 50 percent of that total went towards crude oil costs, 19 percent went towards distribution and marketing costs, 17 percent went towards refining costs, and 15 percent went towards taxes.
To contact the author, email andreas.exarheas@rigzone.com
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