EIA Gasoline and Diesel Retail Prices Update, Week Of January 17, 2018

Analysis by Dr. Nancy Yamaguchi

 

The Energy Information Administration (EIA) released its weekly data on diesel and gasoline retail prices for the week ended January 15, 2017. At the national level, gasoline prices increased by 3.5 cents per gallon, while diesel prices rose by 3.2 cents per gallon. Gasoline and diesel prices rose in all PADDs nationwide.

Crude prices have continued to rise, and product prices have followed. WTI crude prices were in the range of $56-$57/b in mid-December. By the end of December, they hit the $60/b mark, and they have strengthened to approximately $64/b at present.

For the current week ended January 15, diesel prices rose by 3.2 cents to arrive at an average price of $3.028/gallon. It has been three years since average US retail diesel prices have exceeded $3/gallon, the last week being the week ended January 12th in 2015.

PADD 1 retail diesel prices rose by 3.8 cents to average $3.063/gallon. Last week, PADD 1 became the second PADD where diesel prices rose above $3/gallon, the first PADD being PADD 5. Within the PADD, New England prices rose by 3.7 cents to average $3.114/gallon. Central Atlantic diesel prices increased by 5.4 cents to reach $3.263/gallon. This submarket has had diesel prices above $3/gallon for the past ten weeks. Lower Atlantic prices increased by 2.6 cents to arrive at an average price of $2.913/gallon. PADD 1 prices were 42.7 cents/gallon above their prices for the same week last year.

In the Midwest PADD 2 market, retail diesel prices rose by 3.4 cents to average $2.981/gallon. Prices were 44.0 cents/gallon above their level for the same week last year.

In the Gulf Coast PADD 3, retail diesel prices rose by 4.0 cents to average $2.825/gallon. This price was 39.6 cents higher than in the previous year.

In the Rocky Mountains PADD 4 market, retail diesel prices rose by one penny to average $2.984/gallon. PADD 4 prices were 44.6 cents higher than in the prior year.

In the West Coast PADD 5 market, retail prices rose by 0.7 cents to average $3.401/gallon. This price was 54.6 cents above its level from last year. Prices excluding California increased by 1.1 cents to average $3.098/gallon, which was 34.3 cents above the retail price for the same week last year. California diesel prices edged up by 0.3 cents to an average price of $3.641/gallon. This price was 70.4 cents higher than last year’s price. Until last week, PADD 5 had been the only PADD to have diesel prices above $3 per gallon. The upward trend around the country now has brought retail averages above the $3/gallon mark on the national level.

 

U.S. retail gasoline prices increased by 3.5 cents during the week ended January 15, to arrive at an average price of $2.557/gallon.

For the current week ended January 15, East Coast PADD 1 retail prices for gasoline rose by 1.7 cents to $2.517/gallon. The average price was 14.3 cents higher than last year’s price. Prices eased by 0.4 cents in New England to $2.553/gallon. Central Atlantic market prices rose by 1.4 cents to $2.653/gallon. Prices in the Lower Atlantic market moved up by 2.6 cents, to an average price of $2.405/gallon. This was 12.3 cents higher than last year’s average price for the same week.

In the Midwest PADD 2 market, retail gasoline prices jumped by 7.9 cents to arrive at an average price of $2.507/gallon. Gasoline pump prices were 22.4 cents higher than they were one year ago.

In the Gulf Coast PADD 3 market, gasoline prices rose by 3.4 cents to average $2.276/gallon. PADD 3 continues to have the lowest average prices among the PADDs. Prices for the week were 13.4 cents higher than for the same week in 2017.

In the Rocky Mountains PADD 4 market, gasoline pump prices increased by 1.4 cents to average $2.455/gallon. PADD 4 prices were 19.1 cents higher than at the same time in 2017.

In the West Coast PADD 5 market, retail gasoline prices were unchanged at an average of $3.011/gallon. This was 32.8 cents higher than at the same time a year ago. PADD 5 typically has the highest gasoline prices among the five PADDs, and its retail gasoline prices exceeded $3/gallon for most of mid-November and early December. As of last week, PADD 5 prices topped the $3/gallon mark once again. Excluding California, West Coast prices rose by 0.5 cents to an average of $2.692/gallon. This was 20.2 cents higher than at the same time in 2017. In California, prices subsided by 0.3 cents, arriving at an average pump price of $3.196/gallon. California prices were 40.2 cents per gallon above their levels from last year.