The U.S. average retail price of regular gasoline decreased seven cents to $3.19 per gallon as of November 11, 2013, reports the Energy Information Administration (EIA). That price is 26 cents lower than last year at this time and the lowest price since February 21, 2011, according to the Nov. 14 issue of This Week in Petroleum, published by the EIA.
Prices fell in all regions of the nation for the third consecutive week, with the largest decrease coming in the Midwest, where the price declined 11 cents to $3.07 per gallon. The Rocky Mountain price was $3.23 per gallon, eight cents lower than last week. Dropping six cents, the West Coast price was $3.51 per gallon. The Gulf and East Coast prices were a nickel lower, at $2.98 per gallon and $3.24 per gallon, respectively.
The national average diesel fuel price fell three cents to $3.83 per gallon, 15 cents lower than last year at this time. The West Coast price was below the $4 per gallon mark for the first time since July 15, 2013, at $3.98 per gallon and four cents lower than last week. The Midwest price declined three cents to $3.80 per gallon, and the East Coast, Gulf Coast, and Rocky Mountain prices all decreased two cents, to $3.86 per gallon, $3.75 per gallon, and $3.84 per gallon, respectively.
Total U.S. inventories of propane decreased last week by 1.3 million barrels to end at 60.8 million barrels, 12.4 million barrels (16.9%) lower than a year ago. The Midwest region led the decline, falling by 0.8 million barrels. Gulf Coast regional stocks fell by 0.5 million barrels. East Coast and Rocky Mountain/West Coast stocks were both up slightly. Propylene non-fuel-use inventories represented 5.0% of total propane inventories.
Residential heating oil prices decreased by nearly a cent per gallon last week during the period ending November 11, 2013, to reach a price just shy of $3.82 per gallon. This is 19 cents per gallon lower than the price at the same time last year. Wholesale heating oil prices decreased by 1 cent per gallon, arriving at $2.99 per gallon.
The average residential propane price increased almost 4 cents per gallon last week to reach a price just under $2.49 per gallon, nearly 25 cents per gallon higher than the same period last year. Wholesale propane prices increased by almost 2 cents per gallon to reach a price of $1.38 per gallon as of November 11, 2013.
