EIA Gasoline and Diesel Retail Prices Update, October 23, 2018

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 October 22, 2018. On a national average basis, gasoline prices dropped by 3.8 cents/gallon, while diesel prices fell by 1.4 cents/gallon.

West Texas Intermediate (WTI) crude futures prices dropped significantly by $2.73/b during the week ended October 22nd. Gasoline and diesel futures prices also fell. Retail prices during the week ended October 22nd began to follow this trend. As of the time of this writing, WTI futures crude prices have sagged below $68/b, dipping to 6-week lows, suggesting that retail prices will continue to ease this week.

For the current week ended October 22, diesel prices decreased by 1.4 cents to an average price of $3.380/gallon. Prices fell in all PADDs except for the Rocky Mountain PADD 4, where prices rose by 0.8 cents. The national average price was 58.3 cents per gallon higher than it was one year ago.

In the East Coast PADD 1, diesel prices fell by 1.3 cents to arrive at an average price of $3.369/gallon. Within PADD 1, New England prices rose by 0.7 cents to average $3.368/gallon. Central Atlantic diesel prices fell by 1.3 cents to average $3.533/gallon. Lower Atlantic prices dropped by 1.8 cents to arrive at an average price of $3.254/gallon. PADD 1 prices were 57.2 cents/gallon above their prices for the same week last year.

In the Midwest PADD 2 market, retail diesel prices fell by 1.8 cents to average $3.333/gallon. Prices were 55.4 cents/gallon above their level for the same week last year.

In the Gulf Coast PADD 3, retail diesel prices fell by 2.0 cents to average $3.152/gallon. This was the largest price decrease among the five PADDs. Prices were 53.8 cents higher than for the same week in the previous year.

In the Rocky Mountains PADD 4 market, retail diesel prices increased by 0.8 cent to average $3.408/gallon. PADD 4 prices were 49.1 cents higher than in the prior year.

In the West Coast PADD 5 market, retail diesel prices decreased by 0.9 cents to average $3.871/gallon. This price was 77.3 cents above its level from last year. Prices excluding California declined by 0.4 cents to reach an average of $3.587/gallon. This price was 57.2 cents above the retail price for the same week last year. California diesel prices dropped by 1.3 cents to arrive at an average price of $4.096/gallon. California is the only state where $4/gallon diesel is the norm. California diesel prices were 93.0 cents above last year’s price.

 

U.S. retail gasoline prices dropped by 3.8 cents to average $2.841/gallon during the week ended October 22. Prices fell in all PADDs except for the West Coast PADD 5. The national average price was 36.2 cents per gallon higher than it was one year ago.

For the current week ended October 22, East Coast PADD 1 retail prices for gasoline decreased by 3.2 cents to average $2.777/gallon. The average price was 33.0 cents higher than last year’s price. Within PADD 1, New England prices fell by 1.7 cents to average $2.837/gallon. Central Atlantic market prices decreased by 2.6 cents to average $2.888/gallon. Prices in the Lower Atlantic market dropped by 4.0 cents to average $2.690/gallon.

In the Midwest PADD 2 market, retail gasoline prices dropped significantly by 6.9 cents to arrive at an average price of $2.689/gallon. This was the largest price drop among the PADDs. Gasoline pump prices were 29.5 cents higher than they were one year ago.

In the Gulf Coast PADD 3 market, gasoline prices fell by 4.5 cents to average $2.582/gallon. PADD 3 continues to have the lowest average prices among the PADDs. Prices for the week were 35.6 cents higher than for the same week in 2017.

In the Rocky Mountains PADD 4 market, gasoline pump prices fell by 1.9 cents to arrive at an average of $2.963/gallon. Six weeks ago, PADD 4 joined PADD 5 in having gasoline prices of over $3/gallon, but pump prices eased below the $3.00/gallon mark during the week ended October 8, and they declined further in the past two weeks. Prices were 43.4 cents higher than at the same time in 2017.

In the West Coast PADD 5 market, retail gasoline prices rose by 0.5 cents to arrive at an average of $3.499/gallon. This price was 57.4 cents higher than at the same time a year ago. This was the only price increase among the PADDs. PADD 5 continues to have the highest gasoline prices among the five PADDs. Excluding California, West Coast prices increased by 0.6 cents to average $3.241/gallon. This was 55.4 cents higher than at the same time in 2017. In California, pump prices rose only slightly by 0.1 cents to average $3.709/gallon. California prices were 64.5 cents per gallon above their levels from last year.