Analysis by Dr. Nancy Yamaguchi
The U.S. Energy Information Administration (EIA) released its weekly data on diesel and gasoline retail prices for the week ended January 9, 2017. Both gasoline and diesel prices continued to rise, marking the sixth consecutive week of price hikes following the November 30 OPEC meeting. A variety of refinery issues caused localized issues, but ample inventories moderated price spikes.
For the current week ended January 9, diesel prices rose by 1.1 cents (cts) to an average price of $2.597/gallon.
PADD 1 retail diesel prices rose 2.1cts to $2.648/gallon. In New England, prices rose 1.2cts to $2.677/gallon. Central Atlantic diesel prices rose 3.7cts to average $2.813/gallon. Lower Atlantic prices rose 1.2cts to average $2.526/gallon. Overall PADD 1 prices were 41.9cts/gallon above their prices for the same week last year.
In the Midwest PADD 2 market, retail diesel prices increased 0.7 cents to average $2.547/gallon. This price was 45.1cts/gallon above its level for the same week last year.
In the Gulf Coast PADD 3, retail diesel prices declined slightly, by 0.3 cents, to $2.448/gallon. This price was 36.8cts higher than in the previous year.
In the Rocky Mountains PADD 4 market, retail diesel prices increased 0.6cts to $2.541/gallon. This price was 40.7cts higher than in the prior year.
In the West Coast PADD 5 market, diesel pump prices increased by 2.6cts, to $2.873/gallon. This price was 44.7 cents above its level last year. Prices excluding California rose 2.2cts to $2.774/gallon, which was 51.6cts above the retail price for the same week last year. California diesel prices rose 1.7cts to $2.953/gallon, 39.1cts higher than last year’s price.
U.S. retail gasoline prices rose 1.1cts for the week ended January 9, to $2.388/gallon. This price was 39.2cts higher than for the same week in 2016.
In the East Coast PADD 1, prices for gasoline rose 0.9cts to $2.395/gallon. This price was 42.5cts higher than last year’s price. Prices increased 0.7cts in New England to $2.378/gallon. Central Atlantic market prices rose by 1.9cts to $2.515/gallon. Prices in the Lower Atlantic market edged up slightly, by 0.3cts, to bring prices to an average of $2.31/gallon, 41.4cts higher than last year’s average price.
In the Midwest PADD 2 market, gasoline prices receded 0.3cts to average $2.344/gallon. Gasoline pump prices were 53.2 cents higher than they were one year ago, the largest year-on-year price increase among the five PADDs.
In the Gulf Coast PADD 3 market, prices increased 2cts to average $2.168/gallon. Prices for the week were 44.1cts higher than for the same week in 2016.
In the Rocky Mountains PADD 4 region, gasoline prices rose by 4cts to average $2.175/gallon. This price was 20.3cts higher than at the same time in 2015.
In the West Coast PADD 5 market, retail prices rose 2.9cts to an average price of $2.68/gallon. This was only 5cts higher than at the same time a year ago, whereas the U.S. average price was 39.2 cents higher year-on-year. Excluding California, prices rose 3.5cts to an average of $2.465/gallon. This was 20.2cts higher than at the same time in 2015.
California prices increased 2.5cts to reach an average pump price of $2.804/gallon, 3.8cts lower than last year’s price for the same week. Los Angeles prices rose 2.8cts to 2.888/gallon. This price was 17.7cts lower than the price for the same week in 2016. San Francisco pump prices rose by 2cts to average $2.82/gallon, 8.2cts above last year’s price. Seattle prices increased 6.8cts to average $2.728/gallon, 26.6cts higher than prices one year ago.