The Energy Information Administration (EIA) released its weekly data on diesel and gasoline retail prices for the week ended August 28, 2017. At the national level, prices for both fuels rose, although gasoline prices rose significantly more than diesel prices. Retail diesel prices increased by 0.9 cents per gallon, while gasoline prices rose by 3.9 cents per gallon.
Retail prices for refined fuels tend to track crude oil prices, but there may be a disconnect in retail price data this week and in the coming week because of the severe impacts of Hurricane Harvey, which has cut into crude runs and caused a bump-up in refined product prices. The data covered here includes the days leading up to Hurricane Harvey making landfall in Texas on Friday, plus the weekend of severe stormy weather. Heavy rains and catastrophic flooding continue to assault the region. Gasoline futures prices rose for five consecutive days until beginning to ease today.
The storm has moved back over the Gulf of Mexico, but it is expected to return with a fresh batch of moisture and make landfall tomorrow near the Texas-Louisiana border. This threatens energy infrastructure in the Houston area and along the Louisiana coast. In the Corpus Christi area, Valero and Citgo are reportedly preparing to restart their refineries.
For the current week ended August 28, diesel prices rose by 0.9 cents to arrive at an average price of $2.605/gallon. Before last week’s price decline, diesel prices had risen for seven consecutive weeks. In the seven weeks between the week ended June 26 and the week ended August 14, diesel prices rose by 13.3 cents per gallon.
PADD 1 retail diesel prices rose by 0.6 cents to $2.623/gallon. New England prices edged up by 0.2 cents to average $2.618/gallon. Central Atlantic diesel prices also rose by 0.2 cents to an average of $2.758/gallon. Lower Atlantic prices increased by 0.9 cents to average $2.528/gallon. PADD 1 prices were 21.3 cents/gallon above their prices for the same week last year.
In the Midwest PADD 2 market, retail diesel prices declined slightly by 0.1 cents to average $2.566/gallon. PADD 2 was the only PADD where diesel prices decline last week. Prices were 17.5 cents/gallon above their level for the same week last year.
In the Gulf Coast PADD 3, retail diesel prices increased by 2.0 cents to average $2.428/gallon. This price was 15.9 cents higher than in the previous year.
In the Rocky Mountains PADD 4 market, retail diesel prices rose by 0.3 cents to $2.717/gallon. This price was 24.1 cents higher than in the prior year.
The largest price increase occurred in the West Coast PADD 5 market, where retail diesel prices rose by 2.0 cents to $2.910/gallon. This price was 25.2 cents above its level from last year. Prices excluding California increased by 2.0 cents to $2.806/gallon, which was 25.1 cents above the retail price for the same week last year. California diesel prices jumped by 3.4 cents to an average price of $2.995/gallon, 25.4 cents higher than last year’s price.
U.S. retail gasoline prices increased by 3.9 cents for the week ended August 28 to an average price of $2.399/gallon. Prices rose in all five PADDs. During the most recent week ended August 28, prices were 16.2 cents higher than for the same week in 2016. Last week showed a price decline—the first in four weeks. Prior to that, retail gasoline prices rose by 10.6 cents per gallon between the week ended July 17 and the week ended August 14.
In the East Coast PADD 1, prices for gasoline rose by 3.4 cents to $2.337/gallon. This price was 16.5 cents higher than last year’s price. Prices increased by 2.5 cents in New England to $2.388/gallon. Central Atlantic market prices rose slightly by 0.1 cents to $2.435/gallon. Prices in the Lower Atlantic market jumped by 6.2 cents, to an average price of $2.249/gallon. This was 12.1 cents higher than last year’s average price for the same week.
The largest price increase occurred in the Midwest PADD 2 market, where retail gasoline prices rose by 5.8 cents to average $2.307/gallon. Gasoline pump prices were 8.0 cents higher than they were one year ago.
In the Gulf Coast PADD 3 market, gasoline prices increased by 3.8 cents to average $2.156/gallon. Prices for the week were 14.7 cents higher than for the same week in 2016.
In the Rocky Mountains PADD 4 market, gasoline pump prices increased by 1.4 cents to average $2.468/gallon. This price was 20.5 cents higher than at the same time in 2016.
In the West Coast PADD 5 market, retail gasoline prices increased by 1.7 cents to average $2.903/gallon. This was 31.1 cents higher than at the same time a year ago. Excluding California, West Coast prices rose by 3.3 cents to an average of $2.674/gallon. This was 28.3 cents higher than at the same time in 2016. In California, prices rose by 0.7 cents to an average pump price of $3.035/gallon. California remains the only state to have average prices reported at above $3 per gallon. Prices were 32.6 cents higher than last year’s price for the same week.
