The latest fuel report from the U.S. Energy Information Administration (EIA) shows that regular gasoline prices in the United States are on a downward trend.
According to the update released this week, as of May 6, it was $3.643 per gallon, as of May 13, it was $3.608 per gallon, and as of May 20, it was $3.584 per gallon. However, the price of regular gasoline in the United States on May 20 was $0.050 higher than the price last year, the update said.
Of the five Petroleum Defense District Administration (PADD) regions highlighted in the fuel update, the West Coast had the highest regular gasoline prices, at $4.624 per gallon, as of May 20. The Gulf Coast had the lowest regular gasoline prices, at $3.113 per gallon, as of May 20.
The Glossary section of the EIA site states that the 50 U.S. states and the District of Columbia are divided into five districts, and PADD 1 is further divided into three subdistricts. PADD 6 and 7 include U.S. territory, the site added.
According to the AAA gasoline pricing website, the average price of regular gasoline in the United States is $3.615 per gallon as of May 23. According to the AAA site, the average yesterday was $3.611 per gallon, the average a week ago was $3.600 per gallon, the average a month ago was $3.667 per gallon, and the average a year ago was $3.543 per gallon.
GasBuddy’s live ticking average for regular unleaded gas in the U.S. was $3.627 per gallon as of 5 a.m. EST on May 23, 1.1 cents higher than yesterday’s average and up from last week, according to the organization’s summary. The average was 1.9 cents higher than average, 4.6 cents lower than last month’s average, and 10.4 cents higher than last year’s average.
Future US Gasoline Prices
In its latest Short-Term Energy Outlook (STEO), released earlier this month, the EIA projected that U.S. regular gasoline prices will average $3.54 per gallon through 2024 and 2025.
According to STEO in May, prices will be $3.66 per gallon in the second quarter, $3.70 per gallon in the third quarter, $3.52 per gallon in the fourth quarter and $3.46 per gallon in the first quarter of next year. , is expected to reach $3.64 per gallon in the second quarter of 2025, $3.66 per gallon in the third quarter and $3.39 per gallon in the fourth quarter of 2025.
“Nationally, we expect retail gasoline prices to average nearly $3.70 per gallon from April through September, on par with prices for the same period last year,” EIA said in its latest STEO.
“Refinery operations are a source of uncertainty for the gasoline market this summer. A future Perspectives supplement will take a closer look at the impact of refinery operations on retail gasoline prices.” added.
In its previous STEO released in April, the EIA predicted that U.S. regular gasoline prices would average $3.59 per gallon in 2024 and $3.58 per gallon in 2025.
Price breakdown
According to the EIA’s latest fuel update, the retail price of regular gasoline in March 2024 is expected to be $3.43 per gallon, with 56% of that total going to crude oil costs, 19% to refining costs, 15% to taxes, and 10% to distribution and marketing costs.
The fuel update showed a slightly different breakdown of diesel prices in March.
This update pegs diesel prices for the month at $4.02 per gallon, with 47% of that total going to crude oil costs, 19% to refining costs, 19% to distribution and marketing costs, and 15% to distribution and marketing costs. It is outlined that % was allocated to taxes.
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