Fuel Report: Diesel, Gas Prices Plummet

Diesel, gas pump. ©Debra L Ferguson

The U.S. average diesel fuel price fell more than 8 cents from the previous week to $2.73 per gallon on March 16, 34 cents lower than a year ago. The Midwest price fell nearly 10 cents to $2.59 per gallon, the West Coast price fell nearly 8 cents to $3.32 per gallon, the East Coast and Gulf Coast prices each fell more than 7 cents to $2.79 per gallon and $2.50 per gallon, respectively, and the Rocky Mountain price fell more than 6 cents to $2.74 per gallon.

The U.S. average regular gasoline retail price fell nearly 13 cents from the previous week to $2.25 per gallon on March 16, 30 cents lower than a year ago. The Midwest price fell nearly 20 cents to $2.04 per gallon, the East Coast price fell nearly 11 cents to $2.19 per gallon, the Gulf Coast price fell more than 9 cents to $1.97 per gallon, the West Coast price fell nearly 9 cents to $3.02 per gallon, and the Rocky Mountain price fell more than 6 cents to $2.32 per gallon.

U.S. propane/propylene stocks decreased by 0.3 million barrels last week to 66.7 million barrels as of March 13, 2020, 16.9 million barrels (34.0%) greater than the five-year (2015-19) average inventory levels for this same time of year. East Coast and Midwest inventories decreased by 0.4 million and 0.1 million barrels, respectively. Gulf Coast and Rocky Mountain/West Coast inventories increased by 0.2 million and 0.1 million barrels, respectively. Propylene non-fuel-use inventories represented 8.0% of total propane/propylene inventories.

Residential propane prices averaged almost $1.94 per gallon, nearly 3 cents per gallon below last week’s price and almost 48 cents per gallon below last year’s price. Wholesale propane prices averaged more than $0.49 per gallon, nearly 4 cents per gallon lower than last week’s price and more than 34 cents per gallon below last year’s price.

As of March 16, 2020, residential heating oil prices averaged $2.61 per gallon, more than 14 cents per gallon below last week’s price and nearly 61 cents per gallon lower than last year’s price at this time. Wholesale heating oil prices averaged almost $1.25 per gallon, nearly 22 cents per gallon below last week’s price and more than 84 cents per gallon lower than a year ago.




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