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There is a downward trend in U.S. gasoline and diesel prices, the U.S. Energy Information Administration’s (EIA) latest fuel update, which was released this week, showed.
According to the update, the U.S. regular gasoline price averaged $3.396 per gallon on November 6, $3.349 per gallon on November 13, and $3.289 per gallon on November 20. The year ago price from November 20 was also down $0.359, the update outlined.
The EIA update revealed that the U.S. on-highway diesel fuel price came in at $4.366 per gallon on November 6, $4.294 per gallon on November 13, and $4.209 per gallon on November 20. The year ago U.S. on-highway diesel fuel price, from November 20, was down $1.024, the update revealed.
The fuel update showed that the West Coast had the highest regular gasoline price, at $4.417 per gallon, and the highest on-highway diesel fuel price, at $5.069 per gallon, as of November 20. The Gulf Coast had the lowest regular gasoline price, at $2.786 per gallon, and the lowest on-highway diesel fuel price, at $3.841 per gallon, as of November 20, according to the update.
Current Prices
The average regular gasoline price in the U.S. is $3.268 per gallon and the average diesel price in the country is $4.260 per gallon, as of November 23, according to the AAA Gas Prices website.
Yesterday’s gasoline price average stood at $3.281 per gallon, the week ago average stood at $3.342 per gallon, the month ago average stood at $3.549 per gallon, and the year ago average stood at $3.609 per gallon, the AAA site showed.
November 22’s diesel price average stood at $4.271 per gallon, the week ago average was $4.326 per gallon, the month ago average was $4.502 per gallon, and the year ago average was $5.269 per gallon, the AAA site outlined.
According to a live ticking average on the GasBuddy website, the price for regular gasoline in the U.S. was $3.259 per gallon as of 4.50am EST on November 23. The site outlined that this was 2.4 cents lower than yesterday’s average, 7.3 cents lower than last week’s average, 24.7 cents lower than last month’s average, and 34.0 cents lower than last year’s average.
Future Prices
In its latest short term energy outlook (STEO), which was released in November, the EIA projected that the U.S. regular gasoline retail price will average $3.55 per gallon in 2023 and $3.61 per gallon in 2024.
The STEO, which highlighted that this price averaged $3.97 per gallon in 2022, forecast that the retail gasoline price would come in at $3.49 per gallon in the fourth quarter of this year, $3.42 per gallon in the first quarter of 2024, $3.73 per gallon in the second quarter, $3.78 per gallon in the third quarter, and $3.48 per gallon in the fourth quarter of next year.
In the November STEO, the EIA projected that the on-highway diesel fuel price will average $4.27 per gallon this year and $4.25 per gallon next year.
The EIA’s November STEO sees on-highway diesel fuel coming in at $4.46 per gallon in the fourth quarter of 2023, $4.38 per gallon in the first quarter of next year, $4.23 per gallon in the second quarter, $4.14 per gallon in the third quarter, and $4.27 per gallon in the fourth quarter.
The price of on-highway diesel fuel averaged $5.01 per gallon in 2022, the EIA highlighted in its latest STEO.
What Do You Pay For?
In its latest fuel update, the EIA revealed what consumers paid for in a gallon of regular gasoline and diesel in the U.S. in September this year.
According to the update, which pegged the retail price of gasoline at $3.84 per gallon in September, 55 percent of that total went towards crude oil costs, 19 percent went towards refining costs, 13 percent went towards taxes, and 12 percent went towards distribution and marketing costs.
The update, which pegged the retail price of diesel at $4.56 per gallon in September, showed that the breakdown for this fuel was different. The EIA update outlined that 46 percent of this total went towards crude oil costs, 26 percent went towards refining costs, 15 percent went towards distribution and marketing costs, and 13 percent went towards taxes.
In a fuel update released in August, which put the retail gasoline price at $3.57 per gallon and the diesel price at $3.80 per gallon in June, the EIA outlined that 47 percent of the gasoline 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.
Forty-four percent of the diesel total went towards crude oil costs, 22 percent went towards distribution and marketing costs, 18 percent went towards refining costs, and 15 percent went towards taxes, that fuel update showed.
To contact the author, email andreas.exarheas@rigzone.com
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