The U.S. Power Data Administration (EIA) raised its U.S. diesel worth forecasts for each 2024 and 2025 in its newest quick time period power outlook (STEO), which was launched lately.
In accordance with its March STEO, the EIA now sees U.S. on-highway diesel gas averaging $4.01 per gallon in 2024 and $4.08 per gallon in 2025.
The EIA sees the gas averaging $3.97 per gallon within the first quarter of this 12 months, $3.92 per gallon within the second quarter, $3.99 per gallon within the third quarter, $4.15 per gallon within the fourth quarter, $4.18 per gallon within the first quarter of 2025, $4.08 per gallon within the second quarter, $4.03 per gallon within the third quarter, and $4.04 per gallon within the fourth quarter, the report revealed.
In its earlier STEO, which was launched in February, the EIA projected that the U.S. on-highway diesel gas worth would common $3.92 per gallon in 2024 and $3.89 per gallon in 2025.
In that STEO, the EIA forecast that the U.S. on-highway diesel gas worth would common $3.94 per gallon within the first quarter of 2024, $3.92 per gallon within the second quarter, $3.84 per gallon within the third quarter, $3.97 per gallon within the fourth quarter, $3.99 per gallon within the first quarter of subsequent 12 months, $3.90 per gallon within the second quarter, $3.81 per gallon within the third quarter, and $3.87 per gallon within the fourth quarter of 2025.
Present Value
In accordance with the EIA’s newest diesel gas replace, which was launched on March 18, the U.S. on-highway diesel gas worth stood at $4.022 per gallon on March 4, $4.004 per gallon on March 11, and $4.028 per gallon on March 18. March 18’s diesel worth is $0.157 down in comparison with the 12 months in the past worth, the replace outlined.
As of March 18, the West Coast was proven within the replace to have the very best U.S. on-highway diesel gas value ($4.639 per gallon), whereas the Gulf Coast was proven to have the most cost effective U.S. on-highway diesel gas value ($3.745 per gallon).
In accordance with the AAA Fuel Costs web site, the common worth of diesel within the U.S. is $4.058 per gallon, as of March 21. Yesterday’s common was $4.052 per gallon, the week in the past common was $4.037 per gallon, the month in the past common was $4.097 per gallon, and the 12 months in the past common was $4.284 per gallon, the AAA website confirmed.
The very best recorded common worth for diesel within the U.S. was seen on June 19, 2022, at $5.816 per gallon, the location outlined.
What Do You Pay For?
The EIA’s newest diesel gas replace, which pinned the retail worth of diesel at $3.85 per gallon in January, confirmed that 45 % of that complete went in direction of crude oil prices, 21 % went in direction of distribution and advertising and marketing prices, 19 % went in direction of refining prices, and 15 % went in direction of taxes.
Compared, the EIA’s newest gasoline gas replace, which was additionally launched on March 18 and which pegged the retail worth of standard gasoline at $3.08 per gallon in January, confirmed that 57 % of that complete went in direction of crude oil prices, 17 % went in direction of taxes, 16 % went in direction of distribution and advertising and marketing prices, and 11 % went in direction of refining prices.
A earlier EIA diesel gas replace launched in January final 12 months, which pinned the retail worth of diesel in December 2022 at $4.71 per gallon, confirmed that 39 % of that complete went in direction of crude oil prices, 27 % went in direction of distribution and advertising and marketing prices, 22 % went in direction of refining prices, and 12 % went in direction of taxes.
To contact the creator, e mail andreas.exarheas@rigzone.com