The U.S. Vitality Info Administration (EIA) lowered its U.S. gasoline and diesel worth forecasts for 2024 in its newest quick time period vitality outlook (STEO), which was launched not too long ago.
In its June STEO, the EIA projected that the common gasoline worth within the U.S. will common $3.42 per gallon and that the on-highway diesel worth within the U.S. will common $3.88 per gallon this 12 months. In its earlier Could STEO, the EIA forecast that the common gasoline worth would common $3.54 per gallon and the diesel worth would common $3.99 per gallon in 2024.
The most recent EIA STEO sees the common gasoline worth coming in at $3.58 per gallon within the second quarter, $3.49 per gallon within the third quarter, and $3.35 per gallon within the fourth quarter. It sees the diesel worth averaging $3.84 per gallon within the second quarter, $3.70 per gallon within the third quarter, and $4.00 per gallon within the fourth quarter.
In its earlier STEO, the EIA projected that the gasoline worth would common $3.66 per gallon within the second quarter, $3.70 per gallon within the third quarter, and $3.52 per gallon within the fourth quarter. That STEO noticed the diesel worth averaging $3.93 per gallon throughout the second and third quarters, and $4.13 per gallon within the fourth quarter.
Each STEOs put the primary quarter gasoline common at $3.24 per gallon, the primary quarter diesel common at $3.97 per gallon, and the 2023 gasoline common at $3.52 per gallon. The June STEO put the 2023 diesel common at $4.22 per gallon and the Could STEO put it at $4.21 per gallon.
The EIA’s newest gasoline and diesel gasoline replace, which was launched earlier this week, confirmed an rising worth pattern in each gasoline and diesel.
That replace put the U.S. common gasoline worth at $3.429 per gallon on June 10 and $3.435 per gallon on June 17. It put the U.S. on-highway diesel gasoline worth at $3.658 per gallon on June 10 and $3.735 per gallon on June 17.
Based on the AAA Fuel Costs web site, the typical worth of normal gasoline within the U.S. is $3.455 per gallon, as of June 20. Yesterday’s common was $3.449 per gallon, the week in the past common was $3.460 per gallon, the month in the past common was $3.590 per gallon, and the 12 months in the past common was $3.577 per gallon, the location confirmed.
The typical diesel worth within the U.S. is $3.805 per gallon, as of June 20, the location highlighted. Yesterday’s common was $3.800 Per gallon, the week in the past common was $3.789 per gallon, the month in the past common was $3.896 per gallon, and the 12 months in the past common was $3.886 per gallon, in response to the location.
Who Pays the Most and What do you Pay For?
Of the 5 Petroleum Administration for Protection District (PADD) areas highlighted within the EIA’s newest gasoline replace, the West Coast was proven to have the best common gasoline worth as of June 17, at $4.293 per gallon. The Gulf Coast was proven to have the bottom common gasoline worth as of June 17, at $2.992 per gallon.
The West Coast was additionally proven to have the best on-highway diesel worth as of June 17, at $4.417 per gallon. The Gulf Coast was proven to have the bottom diesel worth as of June 17, at $3.472 per gallon.
A glossary part of the EIA website notes that the 50 U.S. states and the District of Columbia are divided into 5 districts, with PADD 1 additional cut up into three subdistricts. PADDs 6 and seven embody U.S. territories, the location provides.
Based on the EIA’s newest gasoline replace, which pegged the retail worth of normal gasoline at $3.61 per gallon in April 2024, 55 % of that complete went in the direction of crude oil prices, 19 % went in the direction of refining prices, 14 % went in the direction of taxes, and 12 % went in the direction of distribution and advertising prices.
The worth breakdown of diesel was barely totally different in April, the gasoline replace confirmed.
Based on the replace, which pinned the diesel worth at $4.00 per gallon through the month, 50 % of that complete went in the direction of crude oil prices, 19 % went in the direction of distribution and advertising prices, 17 % went in the direction of refining prices, and 15 % went in the direction of taxes.
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