The US Energy Information Administration’s (EIA) latest fuel update, which was released on May 30, has revealed which region of the US is paying the most for regular gasoline, as of May 29.
According to the update, which divided the United States into five areas: the East Coast (PADD1), the Midwest (PADD2), the Gulf Coast (PADD3), the West Coast (PADD4) and the Rocky Mountains (PADD5) , the west coast had the highest. price, at $4.534 per gallon, followed by Rocky Mountain at $3.622 per gallon, and the Midwest at $3.484 per gallon. The East Coast was shown to have a normal gas price of $3.427 per gallon, while the Gulf Coast had a gas price of $3.121 per gallon.
The average regular gasoline price in the US was $3.571 per gallon on May 29, according to the update, which showed an upward price trend for all five regions.
On May 22, East Coast regular gasoline was $0.046 per gallon cheaper at $3.381 per gallon, Midwest gasoline was $0.015 per gallon cheaper at $3.469 per gallon and Gulf Coast gasoline prices were $0.081 per gallon cheaper at $3.040 per gallon. fuel upgrade is described. Rocky Mountain regular gasoline was $0.043 per gallon cheaper on May 22 at $3.579 per gallon, and West Coast gasoline was $0.020 per gallon cheaper at $4.514 per gallon, the update noted .
According to the update, the average US regular gasoline price was $0.037 per gallon cheaper on May 22, at $3.534 per gallon.
In a statement posted on its site in 2012, the EIA noted that during World War II, the War Petroleum Administration used the five districts to ration gasoline. The administration was abolished after the war and Congress passed the Defense Production Act of 1950, which created the Defense Petroleum Administration and used the same five districts, only now called the Petroleum Administration for the Defense Districts, according to the EIA statement.
As of June 1, the average price of regular gasoline in the US was $3.574 per gallon, according to the website AAA Gas Prices. Yesterday’s average was $3.576 per gallon, last week’s average was $3.574 per gallon, last month’s average was $3.610 per gallon, and last year’s average was $4.671 per gallon , showed the site. The highest average price on record for regular unleaded was seen on June 14, 2022, at $5.016 per gallon, gas price site AAA noted.
The EIA’s latest Short-Term Energy Outlook (STEO), which was released in May, projected retail gasoline prices to average $3.33 per gallon in 2023 and $3.09 per gallon in 2023. in 2024. That commodity averaged $3.97 per gallon in 2022, the STEO revealed.
In its previous STEO, which was released in April, the EIA predicted that the retail price of gasoline would be $3.42 per gallon this year and $3.18 per gallon next year.
“We forecast that retail gasoline prices for the summer of 2023 will average about $3.40 per gallon, which is 20 percent lower than the summer 2022 average of $4.29 per gallon ,” the EIA noted in its latest STEO.
“Compared to the summer of 2022, when retail gasoline prices fell more than $1 per gallon from a peak of $4.93 per gallon in June to $3.70 per gallon in September, we expect a lower price volatility in the summer of 2023. We expect retail gasoline prices to fall from about $3.60 per gallon in April to about $3.20 per gallon in September,” he added.
“We expect retail gasoline prices to decline over the course of the summer, in part because our expectation of a refinery increase comes from global and US refiners,” the EIA continued.
In its latest STEO, the EIA warned that several factors present uncertainty in its summer 2023 retail gasoline price forecast.
“Our forecast assumes an increase in refineries and gasoline inventories that, if not realized, could leave gasoline prices higher than our forecasts,” the EIA said.
“In addition, changes in economic conditions and oil prices could affect retail gasoline prices,” he added.
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