The U.S. common gasoline worth is rising, the U.S. Power Info Administration’s (EIA) newest gasoline gasoline replace, which was launched this week, confirmed.
In keeping with the replace, the worth of U.S. common gasoline was $3.095 per gallon on January 29, $3.136 per gallon on February 5, and $3.192 per gallon on February 12. The U.S. common gasoline worth was, nevertheless, $0.198 decrease than the 12 months in the past worth, as of February 12, the replace outlined.
The EIA’s gasoline replace confirmed that the West Coast had the best common gasoline worth, as of February 12, at $4.011 per gallon. The Rocky Mountain area was proven to have the bottom common gasoline worth, as of February 12, at $2.791 per gallon.
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In keeping with the AAA Gasoline Costs web site, the typical worth of normal gasoline within the U.S. is $3.256 per gallon, as of February 14. Yesterday’s common was $3.225 per gallon, the week in the past common was $3.148 per gallon, the month in the past common was $3.069 per gallon, and the 12 months in the past common was $3.414 per gallon, the AAA web site confirmed.
As of February 14, the state with the most cost effective common gasoline worth is Wyoming, at $2.765 per gallon, and the state with the costliest common gasoline worth is Hawaii, at $4.705 per gallon, the AAA web site outlined.
GasBuddy’s stay ticking common for normal gasoline within the U.S. was $3.279 per gallon, as of 6.15am EST on February 14, which the group outlined was 4.8 cents greater than yesterday’s common, 15.1 cents greater than final week’s common, 22 cents greater than final month’s common, and 9.7 cents decrease than final 12 months’s common.
Gasoline Worth Projections
In its newest brief time period vitality outlook (STEO), which was launched earlier this month, the EIA projected that the U.S. common gasoline worth would common $3.13 per gallon within the first quarter of 2024, $3.40 per gallon within the second quarter, $3.50 per gallon within the third quarter, $3.21 per gallon within the fourth quarter, and $3.31 per gallon general this 12 months.
That STEO forecast that the U.S. common gasoline worth would are available at $3.18 per gallon within the first quarter of 2025, $3.41 per gallon within the second quarter, $3.46 per gallon within the third quarter, $3.18 per gallon within the fourth quarter, and $3.31 per gallon general in 2025.
The EIA’s February STEO pegged the 2023 U.S. common gasoline worth at $3.52 per gallon. In its earlier January STEO, the EIA projected that the U.S. common gasoline worth would common $3.36 per gallon in 2024 and $3.24 per gallon in 2025.
“The U.S. common retail gasoline worth declines in our forecast as gasoline inventories improve and gasoline crack spreads fall,” the EIA mentioned in its earlier STEO.
“We count on U.S. gasoline costs to common round $3.40 per gallon in 2024 and $3.20 per gallon in 2025, in contrast with a mean of greater than $3.50 per gallon in 2023,” the group added in that STEO.
What do you Pay For?
In keeping with the EIA’s newest gasoline replace, which pinned the retail worth of normal gasoline at $3.13 per gallon in December 2023, 56 p.c of that whole went in direction of crude oil prices, 19 p.c went in direction of distribution and advertising prices, 16 p.c went in direction of taxes, and eight p.c went in direction of refining prices.
An EIA gasoline replace launched in January final 12 months, which pegged the retail worth of normal gasoline at $3.21 per gallon in December 2022, outlined that 58 p.c of that whole went in direction of crude oil prices, 18 p.c went in direction of distribution and advertising prices, 16 p.c went in direction of taxes, and 9 p.c went in direction of refining prices.
To contact the creator, e mail andreas.exarheas@rigzone.com
