The U.S. Vitality Data Administration’s (EIA) newest gasoline and diesel gasoline replace, which was launched this week, has revealed what shoppers paid for in a gallon of normal gasoline and diesel within the U.S. in June this yr.
In keeping with the replace, which pegged the retail value of gasoline at $3.57 per gallon in June, 47 % of that whole went in direction of crude oil prices, 24 % went in direction of refining prices, 14 % went in direction of distribution and advertising and marketing prices, and the remaining 14 % went in direction of taxes.
The replace, which pegged the retail value of diesel at $3.80 per gallon, confirmed that the breakdown for this gasoline was a bit of bit completely different. The EIA replace outlined that 44 % of this whole went in direction of crude oil prices, 22 % went in direction of distribution and advertising and marketing prices, 18 % went in direction of refining prices, and 15 % went in direction of taxes.
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In a gasoline and diesel gasoline replace launched in June final yr, which put the retail gasoline value at $4.44 per gallon and the retail diesel value at $5.57 per gallon in Could 2022, the EIA outlined that 59 % of the gasoline whole went on crude oil prices, 26 % went in direction of refining prices, 11 % went in direction of taxes, and 5 % went on distribution and advertising and marketing.
Fourty-seven % of the Could 2022 diesel whole went in direction of crude oil prices, 25 % went on refining prices, 17 % went on distribution and advertising and marketing, and 10 % went in direction of taxes, that EIA gasoline replace revealed.
Rising Costs
In its newest gasoline replace, the EIA confirmed that U.S. common gasoline costs and U.S. on-highway diesel gasoline costs had been climbing.
The replace put U.S. common gasoline costs at $3.828 per gallon on August 7, $3.757 per gallon on July 31, and $3.596 per gallon on July 24. U.S. on-highway diesel gasoline costs had been $4.239 per gallon on August 7, $4.127 per gallon on July 31, and $3.905 per gallon on July 24, in accordance with the replace.
The EIA’s newest gasoline replace confirmed that the West Coast had the costliest common gasoline value and on-highway diesel gasoline value on August 7, at $4.685 per gallon and $4.911 per gallon, respectively. The Gulf Coast was proven within the gasoline replace to have the most affordable common gasoline and on-highway diesel gasoline value on August 7, at $3.453 per gallon and $3.960 per gallon, respectively.
As of August 11, the common U.S. common gasoline value stood at $3.841 per gallon, in accordance with the AAA fuel costs web site. Yesterday’s common was $3.828 per gallon, the week in the past common was $3.831 per gallon, the month in the past common was $3.541 per gallon, and the yr in the past common was $3.990 per gallon, the AAA website confirmed.
The common U.S. diesel value was $4.269 per gallon as of August 11, the location highlighted. Yesterday’s common U.S. diesel value was $4.235 per gallon, the week in the past common was $4.152 per gallon, the month in the past common was $3.843 per gallon, and the yr in the past common was $5.077 per gallon, the AAA website outlined.
Future Costs
In its newest brief time period power outlook (STEO), which was launched earlier this week, the EIA projected that the retail gasoline value would common $3.56 per gallon in 2023 and $3.45 per gallon in 2024. The report anticipated that the on-highway diesel gasoline value would common $4.17 per gallon this yr and $3.94 per gallon subsequent yr.
The previous averaged $3.97 per gallon and the latter averaged $5.02 per gallon in 2022, the report highlighted.
In its earlier STEO, which was launched final month, the EIA forecast that the retail gasoline value would common $3.40 per gallon in 2023 and $3.34 per gallon in 2024. The on-highway diesel gasoline value was projected to common $3.96 per gallon in 2023 and $3.84 per gallon in 2024, in that report.
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