Diesel And Gasoline Prices Drop For Third Straight Week

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From the U.S. Energy Information Administration

February 5, 2010 - Diesel prices dropped for the third consecutive week, with the national average falling a nickel to $2.78 per gallon although it was $0.54 above a year ago. Diesel prices fell in all regions of the country as the East Coast dropped a nickel to $2.83 per gallon.

In the Midwest and on the Gulf Coast, the averages decreased nearly six cents to $2.73 and $2.74 per gallon, respectively. The Rocky Mountain price slipped two cents to $2.80 per gallon. A drop of four cents took the average on the West Coast to $2.88 per gallon, while the average in California slipped four cents to $2.95 per gallon.

Gasoline: For the third week in a row, the U.S. average price for regular gasoline declined. Settling at $2.66 per gallon, the average fell more than four cents but was $0.77 above last year. On the East Coast, the price slipped almost four cents to $2.69 per gallon. The average in the Midwest dropped the most of any region, tumbling six cents to $2.56 per gallon.

The average on the Gulf Coast remained the lowest in the country, dropping about a nickel to $2.54 per gallon. The smallest decline took place in the Rocky Mountains where the price dipped less than a penny to $2.62 per gallon. The West Coast average fell three cents to $2.91 per gallon and the price in California slipped three cents to $2.98 per gallon.

Propane: The Nation’s primary supply of propane was drawn down by about 15.6 million barrels during January, a volume that was more than 31 percent above the most recent 5-year average of nearly 11.9 million barrels. I

nventories of propane fell again, by 3.0 million barrels, bringing the U.S. total to 33.9 million barrels as of January 29, 2010. The Midwest region led the way with the largest weekly decline of 1.5 million barrels.

The Gulf Coast regional stocks drew 0.8 million barrels, while the East Coast and Rocky Mountain/West Coast regions declined 0.5 and 0.2 million barrels, respectively. Propylene non-fuel use inventories increased their share of total propane/propylene stocks from 8.4 percent to 8.6 percent.

The average residential propane price rose 0.7 cent per gallon to reach 268.2 cents per gallon. This was an increase of 35.8 cents per gallon compared to the same period last year. Wholesale propane prices increased 2.3 cents per gallon to reach 145.6 cents per gallon. This was an increase of 49.2 cents per gallon when compared to the February 2, 2009 price of 96.4 cents per gallon.