Analysis by Dr. Nancy Yamaguchi
The Energy Information Administration (EIA) released its weekly data on diesel and gasoline retail prices for the week ended January 23rd, 2017. Both gasoline and diesel prices subsided for the second consecutive week. Retail prices had been on an eight-week upward trek following the November 30th OPEC meeting. Crude prices levelled off last week, however, and product prices followed.
For the current week ended January 23rd, diesel prices declined 1.6 cents to an average price of $2.569/gallon.
PADD 1 retail diesel prices fell 0.9cts to $2.627/gallon. In New England, prices rose slightly by 0.1cts to $2.676/gallon. Central Atlantic diesel prices fell 2.0 cents to average $2.784/gallon. Lower Atlantic prices edged down 0.4 cents to average $2.507/gallon. Overall PADD 1 prices were 48.7cts/gallon above their prices for the same week last year.
In the Midwest PADD 2 market, retail diesel prices fell 2.9 cents to average $2.512/gallon. This price was 52.5cts/gallon above its level for the same week last year.
In the Gulf Coast PADD 3, retail diesel prices dropped by 1.5 cents, to average $2.414/gallon. This price was 45.7cts higher than in the previous year.
In the Rocky Mountains PADD 4 market, retail diesel prices declined 0.6cts to $2.532/gallon. This price was 51.7cts higher than in the prior year.
In the West Coast PADD 5 market, diesel pump prices declined by 0.9cts, to $2.846/gallon. This price was 52.1 cents above its level last year. Prices excluding California fell 0.5cts to $2.75/gallon, which was 59cts above the retail price for the same week last year. California diesel prices dropped 1.4cts to $2.923/gallon, 46.4cts higher than last year’s price.
US retail gasoline prices dropped by 3.2cts for the week ended January 23rd, to $2.326/gallon. This price was 47ts higher than for the same week in 2016.
In the East Coast PADD 1, prices for gasoline fell 2.6cts to $2.374/gallon. This price was 48.2cts higher than last year’s price. Prices dropped 2cts in New England to $2.337/gallon. Central Atlantic market prices fell by 1.9cts to $2.485/gallon. Prices in the Lower Atlantic market dropped by 3.2cts, to bring prices to an average of $2.25/gallon, 46cts higher than last year’s average price.
In the Midwest PADD 2 market, gasoline prices retreated 6.4cts to average $2.219/gallon. Gasoline pump prices were 58.9 cents higher than they were one year ago, the largest year-on-year price increase among the five PADDs.
In the Gulf Coast PADD 3 market, prices fell 1.8 cents to average $2.124/gallon. Prices for the week were 49.6cts higher than for the same week in 2016.
In the Rocky Mountains PADD 4 region, gasoline prices declined by 0.8 cents to average $2.256/gallon. This price was 39.5cts higher than at the same time in 2016.
In the West Coast PADD 5 market, retail prices fell by 0.7 cents to an average price of $2.676/gallon. This was 21.7cts higher than at the same time a year ago, whereas the U.S. average price was 47 cents higher year-on-year. Excluding California, prices edged up 0.2cts to an average of $2.492/gallon. This was 35.1cts higher than at the same time in 2016. California prices decreased 1.1 cents to an average pump price of $2.783/gallon, 14cts higher than last year’s price for the same week. Los Angeles prices fell 1.1cts to 2.841/gallon. This price was 3cts higher than the price for the same week in 2016. San Francisco pump prices fell by 1.2 cents to average $2.847/gallon, 25.2 cents above last year’s price. Seattle prices decreased 0.9cts to average $2.747/gallon, 41.4cts higher than prices one year ago.