USA EIA Reveals Latest Gasoline and Diesel Price Forecasts

The US Energy Information Administration (EIA) published its latest gasoline and diesel price forecasts for 2023 and 2024 in its February Short Term Energy Outlook (STEO).

The EIA now expects retail gasoline prices to average $3.39 per gallon in 2023 and $3.10 per gallon in 2024, a slight increase from STEO’s January forecast of retail gasoline prices in January year was $3.32 per gallon and $3.09 per gallon in 2024.

The US Energy Information Administration has released its latest gasoline and diesel price forecasts for 2023 and 2024.

The latest STEO projects diesel fuel on highways to average $4.23 per gallon in 2023 and $3.70 per gallon in 2024. January’s STEO projected highway diesel fuel to average $4.22 per gallon this year and $3.69 per gallon in 2024.

According to the EIA’s latest Gasoline and Diesel Fuels Update, released on February 6, the price of regular gasoline in the US rose from $3,415 per gallon on January 23 to $3,489 per gallon on January 30, before he fell to $3,444 a gallon on Feb. 6 Regular gasoline is most expensive in California at $4.414 a gallon and cheapest on the Gulf Coast at $3.092 a gallon, the Feb. 6 update showed.

US highway diesel prices also rose from $4.604 a gallon on Jan. 23 to $4.622 a gallon on Jan. 30, before falling to $4.539 a gallon on Feb. 6, according to the update. That fuel was the most expensive on Feb. 6 at $5,482 a gallon and the cheapest on the Gulf Coast at $4,249 a gallon, the report said.

AAA gas prices

According to website AAA Gas Prices, the average price of regular gasoline in the US on February 9 is $3.437 per gallon. Yesterday’s average price was $3.445 a gallon, a week ago average was $3.498 a gallon, a month ago average was $3.280 a gallon and a year ago average was $3.469 a gallon, according to the AAA – website shows.

The average price of diesel in the US as of February 9 is $4,593 per gallon, according to the website. Yesterday’s average was $4.604 a gallon, a week ago average was $4.675 a gallon, a month ago average was $4.653 a gallon and a year ago average was $3.854 a gallon, according to the website highlights.

The highest average price recorded for regular gasoline was $5.016 per gallon on June 14, 2022, and the highest average price recorded for diesel was $5.816 per gallon on June 19, 2022, the AAA website notes.

In a statement released on the AAA website on Feb. 6, AAA spokesman Andrew Gross said, “Keep an eye on the price of oil…because oil currently accounts for nearly 60 percent of what we pay at the pump.”

“Rising or falling oil prices can have a direct impact on motorists’ wallets,” Gross added.

GasBuddy

GasBuddy’s live ticking average for US regular gasoline as of 7:25 am EST on Feb. 9 was $3.407 per gallon, which the organization said was “stable” from yesterday’s average. The price was lower than last week’s average, higher than last month’s average and lower than last year’s average, the GasBuddy website outlined.

In its 2023 Fuel Outlook, released December 28, 2022, GasBuddy projected that the annual national average price of gas would fall to $3.49 per gallon in 2023.

“The continued improvement in refining capacity will help drive down gasoline and diesel prices, although a high level of uncertainty remains amid Russia’s ongoing war against Ukraine and ongoing economic concerns,” GasBuddy said in a statement released at the time published on its website.

In the statement, the organization also noted that a national average of $4 remains a possibility before and during the summer driving season.

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