In its latest gasoline and diesel fuel update, which was released on June 3, the U.S. Energy Information Administration (EIA) showed a declining price trend for U.S. regular gasoline and U.S. on-highway diesel fuel.
According to that update, the U.S. regular gasoline price averaged $3.173 per gallon on May 19, $3.160 per gallon on May 26, and $3.127 per gallon on June 2. The June 2 price was $0.389 less than the year ago price, the update outlined.
The update showed that the U.S. on-highway diesel fuel price averaged $3.536 per gallon on May 19, $3.487 per gallon on May 26, and $3.451 per gallon on June 2. The June 2 U.S. on-highway diesel fuel price was $0.275 lower than the year ago price, the update highlighted.
Of the five Petroleum Administration for Defense District (PADD) regions highlighted in the EIA’s latest fuel update, the West Coast was shown to have the highest regular gasoline price as of June 2, at $4.207 per gallon. The Gulf Coast was shown to have the lowest regular gasoline price as of June 2, at $2.702 per gallon.
The West Coast was shown in the update to have the highest on-highway diesel price as of June 2, at $4.221 per gallon. The Gulf Coast was shown to have the lowest diesel price as of June 2, at $3.097 per gallon.
A glossary section of the EIA site notes that the 50 U.S. states and the District of Columbia are divided into five districts, with PADD 1 further split into three subdistricts. PADDs 6 and 7 encompass U.S. territories, the site adds.
Current Price
According to the AAA Fuel Prices website, the average price of regular gasoline in the U.S. is $3.141 per gallon, as of June 6. Yesterday’s average was $3.146 per gallon, the week ago average was $3.162 per gallon, the month ago average was $3.158 per gallon, and the year ago average was $3.487 per gallon, the site showed.
The average diesel price in the U.S. is $3.516 per gallon, as of June 6, according to the site. Yesterday’s average was also $3.516 per gallon, the week ago average was $3.536 per gallon, the month ago average was $3.540 per gallon, and the year ago average was $3.830 per gallon, the site highlighted.
The highest recorded average price for regular gasoline was seen on June 14, 2022, at $5.016 per gallon, and the highest recorded average price for diesel was seen on June 19, 2022, at $5.815 per gallon, the AAA Fuel Prices site outlined.
What do you Pay For?
According to the EIA’s latest fuel update, which pegged the retail price of regular gasoline at $3.17 per gallon in April, 49 percent of that total went towards crude oil costs, 19 percent went towards distribution and marketing costs, 16 percent went towards taxes, and 16 percent went towards refining costs.
The update, which put the diesel price at $3.57 per gallon in April, showed that 44 percent of that total went towards crude oil costs, 23 percent went towards distribution and marketing costs, 17 percent went towards taxes, and 17 percent went towards refining costs.
A previous EIA fuel update released in June last year, which pegged the retail price of regular gasoline at $3.61 per gallon in April 2024, showed that 55 percent of that total went towards crude oil costs, 19 percent went towards refining costs, 14 percent went towards taxes, and 12 percent went towards distribution and marketing costs.
According to that fuel update, which pinned the diesel price at $4.00 per gallon during April 2024, 50 percent of that total went towards crude oil costs, 19 percent went towards distribution and marketing costs, 17 percent went towards refining costs, and 15 percent went towards taxes.
To contact the author, email andreas.exarheas@rigzone.com
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