The U.S. Energy Information Administration’s (EIA) latest gasoline and diesel update, released this week, revealed what consumers paid for a gallon of regular gasoline and diesel in the U.S. in June ‘this year.
According to the update, which pegged the retail price of gasoline at $3.57 a gallon in June, 47 percent of that total went to crude oil costs, 24 percent went to costs of refining, 14 percent went to distribution and marketing costs and the remaining 14 percent. percent went to taxes.
The update, which pegged the retail price of diesel at $3.80 a gallon, showed that the breakdown for that fuel was a bit different. The EIA update noted that 44% of that total went to crude oil costs, 22% to distribution and marketing costs, 18% to refining costs and 15% to taxes.
In a gasoline and diesel update published in June of last year, which put the retail price of gasoline at $4.44 per gallon and the retail price of diesel at $5.57 per gallon in May 2022, the EIA described 59 percent of total gasoline as going into crude oil. costs, 26 percent went to refining costs, 11 percent went to taxes, and five percent went to distribution and marketing.
Forty-seven percent of the May 2022 diesel total went to crude oil costs, 25 percent went to refining costs, 17 percent went to distribution and marketing, and 10 percent went to taxes, the EIA’s fuel update revealed.
Price increase
In its latest fuel update, the EIA showed that US regular gasoline prices and US highway diesel prices were rising.
The update put US regular gasoline prices at $3.828 per gallon on August 7, $3.757 per gallon on July 31 and $3.596 per gallon on July 24. US highway diesel prices were $4.239 per gallon on August 7, up from $4.127 per gallon in July. 31 and $3.905 per gallon on July 24, according to the update.
The EIA’s latest fuel update showed the West Coast regular gasoline price and on-highway diesel price on Aug. 7 at $4.685 per gallon and $4.911 per gallon, respectively. The fuel update showed the Gulf Coast had the cheapest price for regular gasoline and diesel on the highway on Aug. 7, at $3.453 a gallon and $3.960 a gallon, respectively.
As of Aug. 11, the average regular price of gasoline in the U.S. was $3.841 per gallon, according to the AAA gasoline price website. Yesterday’s average was $3.828 per gallon, last week’s average was $3.831 per gallon, last month’s average was $3.541 per gallon, and last year’s average was $3.990 per gallon , the AAA site showed.
The average price of diesel in the United States was $4.269 per gallon as of Aug. 11, the site noted. Yesterday’s average US diesel price was $4.235 per gallon, last week’s average was $4.152 per gallon, last month’s average was $3.843 per gallon, and last year’s average was it was $5.077 per gallon, according to the AAA site.
Future prices
In its latest Short-Term Energy Outlook (STEO), which was released earlier this week, the EIA projected that retail gasoline prices would average $3.56 per gallon in 2023 and 3 .45 per gallon by 2024. The report predicted that diesel fuel on the highway The price would average $4.17 per gallon this year and $3.94 per gallon next year.
The former averaged $3.97 per gallon and the latter averaged $5.02 per gallon in 2022, the report noted.
In its previous STEO, which was released last month, the EIA projected that retail gasoline prices would average $3.40 per gallon in 2023 and $3.34 per gallon in 2024. that the price of diesel on the highway will average $3.96 per gallon in 2023 and $3.84 per gallon in 2024, the report said.
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