Analysis by Dr. Nancy Yamaguchi
The Energy Information Administration (EIA) released its weekly data on diesel and gasoline retail prices for the week ended June 5, 2017. Prices for diesel decreased slightly, while gasoline prices rose modestly. Retail prices are following crude prices down after the May 25 OPEC meeting. If crude prices continue to weaken this week, it is likely that this will be reflected in next week’s retail prices.
For the current week ended June 5, diesel prices fell by 0.7 cents to an average price of $2.564/gallon.
PADD 1 retail diesel prices decreased by 0.9 cents to $2.599/gallon. New England prices rose by 0.2 cents to average $2.624/gallon. Central Atlantic diesel prices fell by 0.7 cents to average $2.744/gallon. Lower Atlantic prices dropped by 1.5 cents to average $2.49/gallon. PADD 1 prices were 16.3 cents/gallon above their prices for the same week last year.
In the Midwest PADD 2 market, retail diesel prices decreased by 0.7 cents to average $2.505/gallon. This price was 14.4 cents/gallon above its level for the same week last year.
In the Gulf Coast PADD 3, retail diesel prices decreased by 0.7 cents to $2.417/gallon. This price was 13.9 cents higher than in the previous year.
In the Rocky Mountains PADD 4 market, retail diesel prices rose by 0.3 cents to $2.664/gallon. This price was 27.4 cents higher than in the prior year.
In the West Coast PADD 5 market, retail diesel prices dropped by 0.7 cents to average $2.836/gallon. This price was 15.5 cents above its level last year. Prices excluding California fell by 1.1 cents to $2.724/gallon, which was 12.4 cents above the retail price for the same week last year. California diesel prices decreased by 0.4 cents to an average price of $2.927/gallon, 18.1 cents higher than last year’s price.
U.S. retail gasoline prices increased by 0.8 cents for the week ended June 5, to $2.414/gallon. This price was a mere 3.3 cents higher than for the same week in 2016. Given this week’s downward price trend, it is possible that next week’s retail prices may fall below their levels of last year.
In the East Coast PADD 1, prices for gasoline rose by 0.5 cents to $2.346/gallon. This price was 3.2 cents higher than last year’s price. Prices fell by 1.0 cents in New England to $2.40/gallon. Central Atlantic market prices fell by 1.1 cents to $2.455/gallon. Prices in the Lower Atlantic market rose by 2.2 cents to bring prices to an average of $2.249/gallon. This was 2.8 cents lower than last year’s average price.
The Midwest PADD 2 market saw retail gasoline prices rise by 2.1 cents to average $2.322/gallon. PADD 2 was the first PADD to have prices fall below their levels of last year. Gasoline pump prices were 3.9 cents lower than they were one year ago, though the Lower Atlantic market also had prices fall below their levels from last year.
In the Gulf Coast PADD 3 market, gasoline prices rose by 0.6 cents to average $2.155/gallon. Prices for the week were 6.5 cents higher than for the same week in 2016.
In the Rocky Mountains PADD 4 market, gasoline pump prices rose by 0.9 cents to average $2.431/gallon. This price was 11.7 cents higher than at the same time in 2016.
In the West Coast PADD 5 market, retail gasoline prices dropped by 1.7 cents to an average price of $2.942/gallon. This was 24.4 cents higher than at the same time a year ago. Excluding California, prices eased by 0.6 cents to an average of $2.662/gallon. This was 20.8 cents higher than at the same time in 2016.
In California, prices dropped by 2.3 cents to an average pump price of $3.104/gallon. California remained the only state market to have gasoline prices above $3/gallon. Prices were 26.4 cents higher than last year’s price for the same week. Los Angeles prices fell by 3.1 cents to average $3.07/gallon. San Francisco pump prices decreased by 3.5 cents to average $3.197/gallon, 31.2 cents above last year’s price. Seattle prices decreased 0.3 cents to average $2.869/gallon, 25 cents higher than prices one year ago.
