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 16, 2017. Both gasoline and diesel prices subsided, breaking a six-week streak of price hikes following the November 30 OPEC meeting. If the current weakening in crude prices continues, it may tamp down product prices even further this coming week.
For the current week ended January 16, diesel prices dropped 1.2 cents (cts) to an average price of $2.585/gallon.
PADD 1 retail diesel prices fell 1.2cts to $2.636/gallon. In New England, prices declined slightly by 0.2cts to $2.675/gallon. Central Atlantic diesel prices fell 0.9cts to average $2.804/gallon. Lower Atlantic prices dropped 1.5cts to average $2.511/gallon. Overall PADD 1 prices were 46.2cts/gallon above their prices for the same week last year.
In the Midwest PADD 2 market, retail diesel prices decreased 0.6cts to average $2.541/gallon. This price was 51.8cts/gallon above its level for the same week last year.
In the Gulf Coast PADD 3, retail diesel prices dropped by 1.9cts, to average $2.429/gallon. This price was 41.5cts higher than in the previous year.
In the Rocky Mountains PADD 4 market, retail diesel prices edged down 0.3cts to $2.538/gallon. This price was 46cts higher than in the prior year.
In the West Coast PADD 5 market, diesel pump prices fell by 1.8cts, to $2.855/gallon. This price was 49.6cts above its level last year. Prices, excluding California, fell 1.9cts to $2.755/gallon, which was 55.7cts above the retail price for the same week last year. California diesel prices dropped 1.6cts to $2.937/gallon, 44.8cts higher than last year’s price.
U.S. retail gasoline prices dropped by 3cts for the week ended January 16, to $2.358/gallon. This price was 44.4cts higher than for the same week in 2016.
In the East Coast PADD 1, prices for gasoline fell 2.1cts to $2.374/gallon. This price was 46.9cts higher than last year’s price. Prices dropped 2.1cts in New England to $2.357/gallon. Central Atlantic market prices fell by 1.1cts to $2.504/gallon. Prices in the Lower Atlantic market dropped by 2.8cts to bring prices to an average of $2.282/gallon, 44.4cts higher than last year’s average price.
In the Midwest PADD 2 market, gasoline prices retreated 6.1cts to average $2.283/gallon. Gasoline pump prices were 57.1cts 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 fell 2.6cts to average $2.142/gallon. Prices for the week were 47cts higher than for the same week in 2016.
In the Rocky Mountains PADD 4 region, gasoline prices rose by 0.5cts to average $2.264/gallon. This price was 35.8cts higher than at the same time in 2015.
In the West Coast PADD 5 market, retail prices edged up by 0.3cts to an average price of $2.683/gallon. This was 16cts higher than at the same time a year ago, whereas the U.S. average price was 44.4cts higher year-over-year. Excluding California, prices rose 2.5cts to an average of $2.49/gallon. This was 29.2cts higher than at the same time in 2015. California prices decreased one cent to an average pump price of $2.794/gallon, 8.2cts lower than last year’s price for the same week. Los Angeles prices fell 3.6cts to 2.852/gallon. This price was 4.8cts lower than the price for the same week in 2016. San Francisco pump prices rose by 3.9cts to average $2.859/gallon, 21.1cts above last year’s price. Seattle prices increased 2.8cts to average $2.756/gallon, 35.2ts higher than prices one year ago.