The U.S. Vitality Data Administration’s (EIA) newest gas replace, which was launched this week, confirmed a declining worth pattern for gasoline.
In line with the replace, the U.S. common gasoline worth averaged $3.171 per gallon on October 14, $3.144 per gallon on October 21, and $3.097 per gallon on October 28.
Of the 5 Petroleum Administration for Protection District (PADD) areas highlighted within the EIA’s newest gas replace, the West Coast was proven to have the best common gasoline worth as of October 28, at $3.973 per gallon. The Gulf Coast was proven to have the bottom common gasoline worth as of October 28, at $2.646 per gallon.
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A glossary part of the EIA web site notes that the 50 U.S. states and the District of Columbia are divided into 5 districts, with PADD 1 additional break up into three subdistricts. PADDs 6 and seven embody U.S. territories, the positioning provides.
In line with the AAA Gasoline Costs web site, the common worth of standard gasoline within the U.S. is $3.135 per gallon as of October 30. Yesterday’s common was $3.134 per gallon, the week in the past common was $3.155 per gallon, the month in the past common was $3.216 per gallon, and the yr in the past common was $3.494 per gallon, the positioning confirmed.
The best recorded common worth for normal gasoline was seen on June 14, 2022, at $5.016 per gallon, the AAA Gasoline Costs web site outlined.
GasBuddy’s reside ticking common for normal gasoline within the U.S. was $3.121 per gallon as of 9.40am EST on October 30. The determine was one cent larger than yesterday’s common, 1.2 cents decrease than the week in the past common, 7.8 cents decrease than the month in the past common, and 34.4 cents decrease than final yr’s common, the positioning highlighted.
2024, 2025 Worth
In its newest quick time period power outlook, which was launched earlier this month, the EIA projected that the common gasoline worth will common $3.33 per gallon in 2024 and $3.22 per gallon in 2025. In its earlier September STEO, the EIA forecast that the common gasoline worth would common $3.33 per gallon this yr and $3.29 per gallon in 2025.
A quarterly breakdown included within the EIA’s newest STEO confirmed that the EIA anticipated the common gasoline worth to common $3.15 per gallon within the fourth quarter of this yr, $3.11 per gallon within the first quarter of 2025, $3.33 per gallon within the second quarter, $3.35 per gallon within the third quarter, and $3.07 per gallon within the fourth quarter.
In its earlier STEO, the EIA forecast that the common gasoline worth would are available in at $3.12 per gallon within the fourth quarter of this yr, $3.11 per gallon within the first quarter of 2025, $3.39 per gallon within the second quarter, $3.43 per gallon within the third quarter, and $3.21 per gallon within the fourth quarter.
“Our decrease crude oil worth forecast decreased our gasoline worth forecast,” the EIA mentioned in its newest STEO.
“We now anticipate the U.S. retail gasoline worth to common $3.20 per gallon in 2025, down 10 cents per gallon from the September forecast,” it added.
“We additionally anticipate the $3.20 per gallon common subsequent yr to be down 10 cents per gallon from the 2024 common retail gasoline worth,” it continued.
What Do You Pay For?
The EIA’s newest gas replace, which pegged the retail worth of standard gasoline at $3.21 per gallon in September, confirmed that 53 p.c of that whole went in the direction of crude oil prices, 20 p.c went in the direction of distribution and advertising prices, 16 p.c went in the direction of taxes, and 11 p.c went in the direction of refining prices.
An EIA gas replace printed in November 2023, which pinned the retail worth of gasoline at $3.84 per gallon in September final yr, confirmed that 55 p.c of that whole went in the direction of crude oil prices, 19 p.c went in the direction of refining prices, 13 p.c went in the direction of taxes, and 12 p.c went in the direction of distribution and advertising prices.
To contact the writer, electronic mail andreas.exarheas@rigzone.com
