The U.S. Power Data Administration’s (EIA) newest gasoline replace confirmed that the U.S. common gasoline worth is in a declining development.
That replace, which was launched this week, put the worth at $3.643 per gallon as of Could 6, $3.608 per gallon as of Could 13, and $3.584 per gallon as of Could 20. The Could 20 U.S. common gasoline worth was $0.050 greater than the 12 months in the past worth, nevertheless, the replace outlined.
Of the 5 Petroleum Administration for Protection District (PADD) areas highlighted within the gasoline replace, the West Coast was proven to have the best common gasoline worth as of Could 20, at $4.624 per gallon. The Gulf Coast was proven to have the bottom common gasoline worth as of Could 20, at $3.113 per gallon.
A glossary part of the EIA website notes that the 50 U.S. states and the District of Columbia are divided into 5 districts, with PADD 1 additional cut up into three subdistricts. PADDs 6 and seven embody U.S. territories, the location provides.
In response to the AAA Gasoline Costs web site, the typical worth of normal gasoline within the U.S. is $3.615 per gallon, as of Could 23. Yesterday’s common was $3.611 per gallon, the week in the past common was $3.600 per gallon, the month in the past common was $3.667 per gallon, and the 12 months in the past common was $3.543 per gallon, the AAA website confirmed.
GasBuddy’s stay ticking common for normal unleaded gasoline within the U.S. was $3.627 per gallon, as of 5am EST on Could 23, which the group outlined was 1.1 cents greater than yesterday’s common, 1.9 cents greater than final week’s common, 4.6 cents decrease than final month’s common, and 10.4 cents greater than final 12 months’s common.
Future USA Gasoline Worth
In its newest brief time period power outlook (STEO), which was launched earlier this month, the EIA projected that the U.S. common gasoline worth will common $3.54 per gallon throughout 2024 and 2025.
The worth is predicted to come back in at $3.66 per gallon within the second quarter, $3.70 per gallon within the third quarter, $3.52 per gallon within the fourth quarter, $3.46 per gallon within the first quarter of subsequent 12 months, $3.64 per gallon within the second quarter of 2025, $3.66 per gallon within the third quarter, and $3.39 per gallon within the fourth quarter, based on the Could STEO.
“Throughout america, we forecast that retail gasoline costs will common close to $3.70 per gallon from April via September, which is analogous to costs throughout the identical interval final 12 months,” the EIA famous in its newest STEO.
“Refinery operations are a supply of uncertainty for gasoline markets this summer time. An upcoming Views complement seems in additional depth on the impact refinery operations may have on retail gasoline costs,” it added.
In its earlier STEO, which was launched in April, the EIA forecast that the U.S. common gasoline worth would common $3.59 per gallon in 2024 and $3.58 per gallon in 2025.
Worth Breakdown
In response to the EIA’s newest gasoline replace, which pegged the retail worth of normal gasoline at $3.43 per gallon in March 2024, 56 p.c of that whole went in the direction of crude oil prices, 19 p.c went in the direction of refining prices, 15 p.c went in the direction of taxes, and 10 p.c went in the direction of distribution and advertising and marketing prices.
The worth breakdown of diesel was barely totally different in March, the gasoline replace confirmed.
This replace, which pinned the diesel worth at $4.02 per gallon throughout the month, outlined that 47 p.c of that whole went in the direction of crude oil prices, 19 p.c went in the direction of refining prices, 19 p.c went in the direction of distribution and advertising and marketing prices, and 15 p.c went in the direction of taxes.
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