The U.S. Energy Information Administration (EIA) raised its retail gasoline price forecasts for this year and next year, according to the organization’s latest Short-Term Energy Outlook (STEO) , which was released on April 11.
Retail gasoline is now expected to average $3.42 per gallon in 2023 and $3.18 per gallon in 2024, EIA’s April STEO shows. In its previous STEO, which was released on March 7, the EIA expected retail gasoline to reach $3.36 per gallon in 2023 and $3.11 per gallon in 2024. The retail price of gasoline will to average $3.97 per gallon by 2022, the EIA’s latest highlights.
“We expect retail gasoline prices to peak between $3.50 per gallon and $3.60 per gallon in June and average around $3.50 per gallon during the summer season (April to September),” the EIA said in its April STEO.
“In 2023, we estimate that refinery gasoline production will increase more than U.S. consumption, increasing inventories, lowering prices, and increasing net exports compared to 2022,” the EIA added.
“Net gasoline exports are forecast to average 810,000 barrels per day in 2023, up from 780,000 barrels per day in 2022, in response to increased US gasoline production and higher global consumption,” the EIA continued.
The EIA noted in the April STEO that it expects similar trends for distillate, “with net exports averaging 1.1 million barrels per day in both 2023 and 2024.”
“Calls on US distillate exports to replace sanctioned volumes in Europe will likely increase US distillate exports in 2023,” the EIA said.
Fuel upgrade
According to the EIA’s latest fuel update, which was released on April 10, US regular gasoline prices rose from $3.421 per gallon on March 27 to $3.497 per gallon on March 3 ‘April and $3.596 per gallon on April 10.
As of April 10, California had the highest regular gas price in the US at $4.682 per gallon, while the Gulf Coast had the lowest regular gas price in the country at $3.253 per gallon , showed the EIA’s fuel update.
The update also revealed what consumers were paying for a gallon of gas in February. According to the update, which pegged the retail price of regular gasoline at $3.39 a gallon during February, 53 percent of that total went to crude oil costs, 20 percent went to refining costs, 15 percent went to taxes and 13 percent went to distribution. and marketing costs.
In a fuel update released on December 27, 2022, which put the retail price of regular gasoline at $3.69 per gallon during November 2022, the EIA revealed that 55 percent of that price of November’s total went to crude oil costs, 18 percent went to distribution. and marketing costs, 14% went to taxes and 13% went to refining costs.
Current price
As of April 14, the average price of regular gasoline in the US was $3.662 per gallon, according to the website AAA Gas Prices. Yesterday’s average price was $3.645 per gallon, last week’s average price was $3.581 per gallon, last month’s average price was $3.466 per gallon, and last year’s average price was $4.074 dollars per gallon, the AAA site showed.
The highest average price on record for regular gasoline in the US was seen on June 14, 2022, at $5.016 per gallon, according to the site.
A live average price marker for regular unleaded gas on GasBuddy’s site values the commodity at $3.655 per gallon, as of 4:50am EST on April 14. Prices have increased compared to the average of yesterday, last week and last month, according to the price indicator.
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