Diesel, Gas Prices Continue to Slide

Diesel, gas pump. ©Debra L Ferguson

The U.S. average diesel fuel price decreased nearly 3 cents from last week to $3.05 per gallon on December 31, 2018, 8 cents per gallon higher than a year ago. Rocky Mountain and Midwest prices each fell nearly 4 cents to $3.07 per gallon and $2.91 per gallon, respectively, West Coast and Gulf Coast prices decreased nearly 3 cents to $3.56 per gallon and $2.84 per gallon, respectively, and East Coast prices fell more than 2 cents to $3.11 per gallon.

U.S. average regular gasoline and diesel prices decrease The U.S. average regular gasoline retail price decreased nearly 6 cents from last week to $2.27 per gallon on December 31, 2018, down more than 25 cents per gallon from the same time last year. Midwest prices fell nearly 8 cents to $2.01 per gallon, Rocky Mountain and Gulf Coast prices each decreased nearly 6 cents to $2.43 per gallon and $1.93 per gallon, respectively, East Coast prices decreased nearly 5 cents to $2.25 per gallon, and West Coast prices fell more than 3 cents to $3.05 per gallon.

U.S. propane/propylene stocks decreased by 1.6 million barrels last week to 70.7 million barrels as of December 28, 2018, 4.5 million barrels (6.0%) lower than the five-year (2013-2017) average inventory level for this same time of year. Gulf Coast, Rocky Mountain/West Coast, Midwest, and East Coast inventories decreased by 0.9 million barrels, 0.3 million barrels, 0.2 million barrels, and 0.1 million barrels, respectively. Propylene non-fuel-use inventories represented 7.2% of total propane/propylene inventories.

Residential propane prices averaged $2.43 per gallon, less than 1 cent per gallon lower than last week and nearly 9 cents per gallon lower than a year ago. Wholesale propane prices averaged $0.79 per gallon, less than 1 cent per gallon lower than last week and nearly 33 cents per gallon below last year’s price.

As of December 31, 2018, residential heating oil prices averaged $3.10 per gallon, almost 3 cents per gallon less than last week’s price but nearly 2 cents per gallon higher than last year’s price at this time. The average wholesale heating oil price for this week averaged almost $1.78 per gallon, 7 cents per gallon less than last week and 40 cents per gallon lower than a year ago.


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