The U.S. Energy Information Administration’s (EIA) latest fuel update, which was released this week, showed a mixed bag for the U.S. regular gasoline price and the U.S. on-highway diesel fuel price.
According to the update, the U.S. regular gasoline price averaged $3.130 per gallon on July 14, before dropping to $3.121 per gallon on July 21, then rising to $3.123 per gallon on July 28. The July 28 price is $0.361 lower than the year ago price, the update outlined.
The update highlighted that the U.S. on-highway diesel fuel price came in at $3.758 per gallon on July 14, then rose to $3.812 per gallon on July 21, before dropping to $3.805 per gallon on July 28. The July 28 price is $0.037 higher than the year ago price, according to the fuel update.
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 July 28, at $3.995 per gallon. The Gulf Coast was shown in the update to have the lowest regular gasoline price as of July 28, at $2.748 per gallon.
The West Coast was also shown in the update to have the highest on-highway diesel price as of July 28, at $4.546 per gallon. The Gulf Coast was shown to have the lowest diesel price as of July 28, at $3.454 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.
According to the AAA Fuel Prices website, the average price of regular gasoline in the U.S. is $3.151 per gallon, as of August 1. Yesterday’s average was $3.147 per gallon, the week ago average was $3.160 per gallon, the month ago average was $3.178 per gallon, and the year ago average was $3.483 per gallon.
The average U.S. diesel price is $3.740 per gallon, as of August 1, the AAA Fuel Prices site showed. Yesterday’s average was also $3.740 per gallon, the week ago average was $3.741 per gallon, the month ago average was $$3.696 per gallon, and the year ago average was $3.810 per gallon, according to the site.
The highest recorded average price for regular gasoline in the U.S. was seen on June 14, 2022, at $5.016 per gallon, and the highest recorded average price for diesel in the U.S. was seen on June 19, 2022, at $5.815 per gallon, the AAA Fuel Prices site outlined.
In its latest short term energy outlook (STEO), which was released on July 8, the EIA projected that the U.S. regular gasoline retail price will average $3.09 per gallon in 2025 and $3.04 per gallon in 2026. In its previous STEO, which was released in June, the EIA projected that the U.S. regular gasoline retail price would come in at $3.09 per gallon this year and $3.08 per gallon next year.
The EIA’s latest STEO sees the U.S. on-highway diesel fuel price averaging $3.61 per gallon in 2025 and $3.59 per gallon in 2026. In its previous June STEO, the EIA projected that the U.S. on-highway diesel fuel price would come in at $3.52 per gallon this year and $3.58 per gallon next year.
In its latest fuel update, which pegged the regular gasoline retail price at $3.13 per gallon in June, the EIA showed that 52 percent of that total went towards crude oil costs, and that refining costs, distribution and marketing costs, and taxes each made up 16 percent of the total.
That update, which pinned the diesel retail price at $3.60 per gallon in June, showed that 45 percent of that total went towards crude oil costs, 20 percent went towards distribution and marketing costs, 19 percent went towards refining costs, and 17 percent went towards taxes.
To contact the author, email andreas.exarheas@rigzone.com
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