USA EIA Breaks Down January Gasoline, Diesel Fuel Costs

In its latest gasoline and diesel fuel update, which was released this week, the U.S. Energy Information Administration (EIA) has revealed what consumers paid for in a gallon of regular gasoline and diesel in January 2023.

According to the update, which put the retail price of regular gasoline at $3.34 per gallon last month, 55 percent of that total went towards crude oil costs, 20 percent went towards refining costs, 15 percent went towards taxes, and 10 percent went towards distribution and marketing costs.

The EIA’s latest fuel update pegged the retail price of diesel at $4.58 per gallon in January and showed that 40 percent of this went towards crude oil costs, 28 percent went towards refining costs, 19 percent went towards distribution and marketing costs, and 13 percent went towards taxes.

In its gasoline and diesel fuel update released on December 27, which put the price of regular gasoline at $3.69 per gallon and the price of diesel at $5.26 per gallon in November, the EIA outlined that 55 percent of that gasoline price went towards crude oil costs, 18 percent went towards distribution and marketing costs, 14 percent went towards taxes, and 13 percent went towards refining costs.

The EIA showed in that update that 39 percent of the diesel price went towards crude oil costs, 28 percent went towards refining costs, 22 percent went towards distribution and marketing costs, and 11 percent went towards taxes.

Prices Decreasing

According to the EIA’s latest update, the U.S. regular gasoline price fell from $3.444 per gallon on February 6, to $3.390 per gallon on February 13, and $3.379 per gallon on February 20. As of February 20, the most expensive regular gasoline price was seen in California, at $4.518 per gallon, while the cheapest was seen in the Gulf Coast, at $3.007 per gallon, the report highlighted.

U.S. on-highway diesel fuel was shown in the report to have decreased from $4.539 per gallon on February 2, to $4.444 per gallon on February 13, and $4.376 per gallon on February 20. The most expensive on-highway diesel fuel price, as of February 20, could be found in California, at $5.407 per gallon, and the cheapest, as of February 20, was seen in the Gulf Coast, at $4.100 per gallon, according to the report.

The AAA gas prices website shows that the average regular gasoline price in the U.S. stood at $3.385 per gallon on February 24. Yesterday’s average price was $3.393 per gallon, while the week ago average stood at $3.421 per gallon, the month ago average stood at $3.446 per gallon, and the year ago average stood at $3.543 per gallon, the AAA site outlines.

The national average diesel price was $4.451 per gallon on February 24, according to the AAA site. Yesterday’s average price was $4.466 per gallon, the week ago average stood at $4.525 per gallon, the month ago average stood at $4.636 per gallon, and the year ago average stood at $3.962 per gallon, the AAA site shows.

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