The U.S. Vitality Info Administration’s (EIA) newest gas replace report outlined a combined bag for U.S. gas costs.
The report, which was launched earlier this week, confirmed a declining value development for U.S. common gasoline and a rising value development for on-highway diesel.
U.S. common gasoline costs got here in at $3.868 per gallon on August 21, $3.813 per gallon on August 28, and $3.807 per gallon on September 4, based on the report, which highlighted that U.S. on-highway diesel costs got here in at $4.389 per gallon on August 21, $4.475 per gallon on August 28, and $4.492 per gallon on September 4.
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The EIA replace confirmed that the West Coast had the best U.S. common gasoline ($4.912 per gallon) and on-highway diesel gas costs ($5.390 per gallon) and that the Gulf Coast had the bottom U.S. common gasoline ($3.364 per gallon) and on-highway diesel gas costs ($4.171 per gallon), as of September 4.
In response to the AAA Gasoline Costs web site, the common value of standard gasoline within the U.S. is $3.808 per gallon on September 8. Yesterday’s common was $3.803 per gallon, the week in the past common stood at $3.818 per gallon, the month in the past common was $3.824 per gallon, and the 12 months in the past common was $3.751 per gallon, the location confirmed.
Common U.S. diesel costs stood at $4.463 per gallon on September 8, the AAA gasoline costs web site highlighted. Yesterday’s common got here in at $4.459 per gallon, the week in the past common was $4.452 per gallon, the month in the past common was $4.203 per gallon, and the 12 months in the past common was $5.040 per gallon, based on the AAA Gasoline Costs web site.
GasBuddy’s stay ticking common for normal gasoline within the U.S. was $3.802 per gallon, as of 5.30am EST on September 8, which the group outlined was up barely on yesterday’s and final week’s common costs, down barely on final month’s common, and up barely on final 12 months’s common.
Future Costs
In its newest brief time period power outlook, which was launched final month, the EIA projected that the common gasoline value would common $3.56 per gallon in 2023 and $3.45 per gallon in 2024. On freeway diesel gas was projected to common $4.17 per gallon this 12 months and $3.94 per gallon subsequent 12 months in that STEO, which highlighted that, in 2022, the common gasoline value averaged $3.97 per gallon and the on freeway diesel gas value averaged $5.02 per gallon.
“In our August STEO, we count on decrease gasoline manufacturing to scale back inventories and improve gasoline costs and crack spreads (the distinction in value between a gallon of gasoline and a gallon of crude oil) in 2H23 in contrast with the July STEO,” the EIA said within the STEO.
“Beforehand, we assumed excessive crack spreads and extra U.S. refining capability in 2023 would contribute to rising gasoline manufacturing and stock builds. Nonetheless, a collection of unplanned refinery outages this summer season have restricted elevated refinery operations,” the EIA added.
The group’s subsequent STEO is scheduled to be launched on September 12.
What Do You Pay for In a Gallon of Gas?
Along with showcasing gas costs over the previous few weeks, the EIA’s newest gasoline and diesel gas replace revealed what shoppers paid for in a gallon of standard gasoline and diesel within the U.S. in July this 12 months.
In response to the report, which pegged the retail value of gasoline at $3.60 per gallon in July, 50 % of that whole went in the direction of crude oil prices, 25 % went in the direction of refining prices, 14 % went in the direction of taxes, and the remaining 11 % went in the direction of distribution and advertising and marketing prices.
The replace, which pegged the retail value of diesel at $3.88 per gallon in July, confirmed that 47 % of this whole went in the direction of crude oil prices, 20 % went in the direction of refining prices, 19 % went in the direction of distribution and advertising and marketing prices, and 15 % went in the direction of taxes.
In a gasoline and diesel gas replace launched final month, which put the retail gasoline value at $3.57 per gallon and the retail diesel value at $3.80 per gallon in June, the EIA outlined that 47 % of the gasoline whole went on crude oil prices, 24 % went in the direction of refining prices, 14 % went in the direction of distribution and advertising and marketing prices, and the remaining 14 % went in the direction of taxes.
Fourty-four % of the June diesel whole went in the direction of crude oil prices, 22 % went in the direction of distribution and advertising and marketing prices, 18 % went in the direction of refining prices, and 15 % went in the direction of taxes, the EIA’s August gas replace confirmed.
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