The latest fuel update released this week by the U.S. Energy Information Administration (EIA) shows a downward trend in gasoline prices.
According to the latest information, U.S. regular gasoline prices averaged $3.171 per gallon on October 14th, $3.144 per gallon on October 21st, and $3.097 per gallon on October 28th. Ta.
Of the five Petroleum Areas of Defense (PADD) regions featured in EIA’s latest fuel update, regular gasoline prices were highest on the West Coast as of Oct. 28, at $3.973 per gallon. As of Oct. 28, regular gasoline prices were lowest on the Gulf Coast, at $2.646 per gallon.
The Glossary section of the EIA site states that the 50 U.S. states and the District of Columbia are divided into five districts, and PADD 1 is further divided into three subdistricts. PADD 6 and 7 include U.S. territory, the site added.
According to the AAA gas price website, the average price of regular gasoline in the U.S. as of Oct. 30 is $3.135 per gallon. Yesterday’s average was $3.134 per gallon, one week ago the average was $3.155 per gallon, and one month ago the average was $3.216 per gallon. , and the average a year ago was $3.494 per gallon, the site showed.
According to the AAA gas price site, the highest average price for regular gasoline was $5.016 per gallon on June 14, 2022.
GasBuddy’s real-time average for regular gasoline in the U.S. was $3.121 per gallon as of 9:40 a.m. EST on October 30th. This number was 1 cent higher than yesterday’s average, 1.2 cents lower than the average a week ago, and 7.8 cents lower than the average a month ago. , the site highlighted, is 34.4 cents lower than last year’s average.
Prices in 2024 and 2025
In its latest short-term energy outlook released earlier this month, the EIA projected regular gasoline prices to average $3.33 per gallon in 2024 and $3.22 per gallon in 2025. In its last STEO in September, EIA predicted regular gasoline prices would average $3.22 per gallon. Prices will average $3.33 per gallon this year and $3.29 per gallon in 2025.
According to the quarterly breakdown included in EIA’s latest STEO, EIA expects regular gasoline prices to average $3.15 per gallon in the fourth quarter of this year, $3.11 per gallon in the first quarter of 2025, and It said it expects prices to be $3.33 and $3.35 a gallon in the quarter. It was $3.07 per gallon in the third quarter and $3.07 per gallon in the fourth quarter.
In the previous STEO, EIA predicted that regular gasoline prices would rise to $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, and expected it to be $3.43 per gallon. The third quarter was $3.21 per gallon and the fourth quarter was $3.21 per gallon.
EIA said in its latest STEO that “expected lower oil prices have lowered gasoline price forecasts.”
“U.S. retail gasoline prices are now expected to average $3.20 per gallon in 2025, 10 cents per gallon lower than our September forecast,” it added.
“We also expect the average retail price of gasoline next year to be $3.20 per gallon, 10 cents per gallon lower than the average retail price of gasoline in 2024.”
What do you pay for?
EIA’s latest fuel update pegged the September retail price for regular gasoline at $3.21 per gallon, with 53 percent of that total going to crude oil costs, 20 percent to distribution and marketing costs, and 16 percent to distribution and marketing costs. Taxes and 11% went to refining costs.
The EIA fuel update released in November 2023 pegs the retail price of gasoline at $3.84 per gallon for September last year, with 55% of that total coming from crude oil costs, 19% from refining costs, and 13% from refining costs. It was shown that the amount was allocated to taxes. , 12% was earmarked for distribution and marketing costs.
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