In its latest Short-Term Energy Outlook (STEO), the US Energy Information Administration (EIA) revealed that it had cut its forecasts for US retail gasoline and diesel prices for 2023 and 2024.
The EIA now expects the retail price of regular gasoline to reach $3.33 per gallon this year and $3.09 per gallon next year, according to the STEO. In its previous STEO, which was released on April 11, the EIA saw the retail price of regular gasoline averaging $3.42 per gallon in 2023 and $3.18 per gallon in 2024.
As for the price of diesel on the highway, the EIA expects the commodity to average $3.90 per gallon this year and $3.62 per gallon in 2024, the May STEO showed. In its April STEO, the EIA saw the price of diesel on US highways averaging $4.11 per gallon in 2023 and $3.87 per gallon in 2024.
The latest EIA STEO noted that the retail price of gasoline and diesel in 2022 averaged $3.97 per gallon and $5.02 per gallon, respectively.
“Because we lowered our crude oil price forecast in the May STEO, we now expect gasoline prices during the summer driving months (April to September) to be slightly lower than expected previously in all regions of the United States,” the EIA stated in its latest STEO.
“Overall, we expect retail gasoline prices to remain below summer 2022 prices, reflecting both lower crude oil prices this summer and lower gasoline refining margins,” he said. add the EIA.
Lowering Prices
The EIA’s latest gasoline and diesel update, which was released on May 8, showed that US regular gasoline prices and highway diesel prices have been falling recently.
According to the update, gasoline fell from $3.656 per gallon on April 24 to $3.600 per gallon on May 1 and $3.533 per gallon on May 8. The update showed that the price of diesel had dropped from $4.077 per gallon on April 24 to $4.018 per gallon on April 24. May 1 and $3.922 per gallon on May 8.
As of May 8, the highest regular gasoline price was seen in California at $4.638 per gallon, and the lowest was seen on the Gulf Coast at $3.045 per gallon, noted the update The highest on-highway diesel price, as of May 8, was also seen in California at $4.847 per gallon, and the lowest was also seen on the Gulf Coast at $3.613 per gallon , according to the update.
Current prices
As of May 12, the price of regular gasoline in the US is $3.542 per gallon and the price of diesel is $4.034 per gallon, according to the AAA gasoline price website.
The highest average price on record for regular gasoline was seen on June 14, 2022, at $5.016 per gallon, and the highest average price on record for diesel was seen on June 19, 2022, at $5.816 per gallon. gallon, highlighted the site.
GasBuddy’s live average for US regular gasoline was $3.523 per gallon as of 4:40am EST on May 12.
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