Fuel Report: Prices Spike Higher

    Diesel, gas pump. ©Debra L Ferguson

    The U.S. average diesel fuel price increased nearly 7 cents to $3.85 per gallon on January 31, $1.11 higher than a year ago. The Gulf Coast price increased nearly 8 cents to $3.61 per gallon, the East Coast price increased more than 7 cents to $3.85 per gallon, the Rocky Mountain and Midwest prices each increased nearly 6 cents to $3.76 per gallon and $3.71 per gallon, respectively, and the West Coast price increased more than 5 cents to $4.54 per gallon.

    The U.S. average regular gasoline retail price increased nearly 5 cents to $3.37 per gallon on January 31, 96 cents higher than a year ago. The East Coast and Midwest prices each increased more than 6 cents to $3.31 per gallon and $3.19 per gallon, respectively, the Gulf Coast price increased 2 cents to $3.03 per gallon, and the Rocky Mountain price increased less than 1 cent, remaining virtually unchanged at $3.33 per gallon. The West Coast price remained unchanged at $4.16 per gallon.

    Residential propane prices averaged $2.78 per gallon, almost 4 cents per gallon above last week’s price and more than 57 cents per gallon above last year’s price. Wholesale propane prices averaged more than $1.50 per gallon, nearly 12 cents per gallon above last week’s price and more than 45 cents per gallon above last year’s price.

    As of January 31, 2022, residential heating oil prices averaged nearly $3.78 per gallon, almost 11 cents per gallon above last week’s price and nearly $1.18 per gallon higher than last year’s price at this time. Wholesale heating oil prices averaged almost $2.94 per gallon, nearly 10 cents per gallon above last week’s price and more than $1.22 per gallo¬¬n above last year’s price.

    U.S. propane/propylene stocks decreased by 4.3 million barrels last week to 49.8 million barrels as of January 28, 2022, 7.0 million barrels (12.4%) less than the five-year (2017-2021) average inventory levels for this same time of year. East Coast inventories decreased by 2.0 million barrels, Midwest inventories decreased by 1.9 million barrels, and Gulf Coast and Rocky Mountain/West Coast inventories each decreased by 0.2 million barrels.




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