EIA Fuel Update Shows Declining Price Trend for Gasoline

EIA Fuel Update Shows Declining Price Trend for Gasoline
The U.S. Energy Information Administration's latest fuel update showed a declining price trend for gasoline.
Image by coffeekai via iStock

The U.S. Energy Information Administration’s (EIA) latest fuel update, which was released this week, showed a declining price trend for gasoline.

According to the update, the U.S. regular gasoline price averaged $3.171 per gallon on October 14, $3.144 per gallon on October 21, and $3.097 per gallon on October 28.

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 October 28, at $3.973 per gallon. The Gulf Coast was shown to have the lowest regular gasoline price as of October 28, at $2.646 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 Gas Prices website, the average price of regular gasoline in the U.S. is $3.135 per gallon as of October 30. Yesterday’s average was $3.134 per gallon, the week ago average was $3.155 per gallon, the month ago average was $3.216 per gallon, and the year ago average was $3.494 per gallon, the site showed.

The highest recorded average price for regular gasoline was seen on June 14, 2022, at $5.016 per gallon, the AAA Gas Prices site outlined.

GasBuddy’s live ticking average for regular gasoline in the U.S. was $3.121 per gallon as of 9.40am EST on October 30. The figure was one cent higher than yesterday’s average, 1.2 cents lower than the week ago average, 7.8 cents lower than the month ago average, and 34.4 cents lower than last year’s average, the site highlighted.

2024, 2025 Price

In its latest short term energy outlook, which was released earlier this month, the EIA projected that the regular gasoline price will average $3.33 per gallon in 2024 and $3.22 per gallon in 2025. In its previous September STEO, the EIA forecast that the regular gasoline price would average $3.33 per gallon this year and $3.29 per gallon in 2025.

A quarterly breakdown included in the EIA’s latest STEO showed that the EIA expected the regular gasoline price to average $3.15 per gallon in the fourth quarter of this year, $3.11 per gallon in the first quarter of 2025, $3.33 per gallon in the second quarter, $3.35 per gallon in the third quarter, and $3.07 per gallon in the fourth quarter.

In its previous STEO, the EIA forecast that the regular gasoline price would come in at $3.12 per gallon in the fourth quarter of this year, $3.11 per gallon in the first quarter of 2025, $3.39 per gallon in the second quarter, $3.43 per gallon in the third quarter, and $3.21 per gallon in the fourth quarter.

“Our lower crude oil price forecast reduced our gasoline price forecast,” the EIA said in its latest STEO.

“We now expect the U.S. retail gasoline price to average $3.20 per gallon in 2025, down 10 cents per gallon from the September forecast,” it added.

“We also expect the $3.20 per gallon average next year to be down 10 cents per gallon from the 2024 average retail gasoline price,” it continued.

What Do You Pay For?

The EIA’s latest fuel update, which pegged the retail price of regular gasoline at $3.21 per gallon in September, showed that 53 percent of that total went towards crude oil costs, 20 percent went towards distribution and marketing costs, 16 percent went towards taxes, and 11 percent went towards refining costs.

An EIA fuel update published in November 2023, which pinned the retail price of gasoline at $3.84 per gallon in September last year, showed that 55 percent of that total went towards crude oil costs, 19 percent went towards refining costs, 13 percent went towards taxes, and 12 percent went towards distribution and marketing costs.

To contact the author, email andreas.exarheas@rigzone.com


What do you think? We’d love to hear from you, join the conversation on the Rigzone Energy Network.

The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy.


MORE FROM THIS AUTHOR
Andreas Exarheas
Editor | Rigzone