Fuel Report: Prices Rocket Higher

    Diesel, gas pump. ©Debra L Ferguson

    The U.S. average diesel fuel price increased nearly 11 cents to $3.95 per gallon on February 7, $1.15 higher than a year ago. The Gulf Coast price increased more than 12 cents to $3.73 per gallon, the East Coast price increased nearly 12 cents to $3.97 per gallon, the Rocky Mountain price increased more than 10 cents to $3.86 per gallon, the Midwest price increased more than 9 cents to $3.81 per gallon, and the West Coast price increased nearly 8 cents to $4.62 per gallon.

    The U.S. average regular gasoline retail price increased nearly 8 cents to $3.44 per gallon on February 7, 98 cents higher than a year ago. The Midwest price increased more than 10 cents to $3.29 per gallon, the Gulf Coast price increased more than 9 cents to $3.12 per gallon, the East Coast price increased nearly 8 cents to $3.39 per gallon, and the West Coast price increased more than 2 cents to $4.18 per gallon. The Rocky Mountain price remained unchanged at $3.33 per gallon.

    U.S. propane/propylene stocks decreased by 1.9 million barrels last week to 47.8 million barrels as of February 4, 2022, 5.7 million barrels (10.7%) less than the five-year (2017-2021) average inventory levels for this same time of year. Midwest, Gulf Coast, and Rocky Mountain/West Coast inventories decreased by 1.1 million barrels, 1.0 million barrels, and 0.4 million barrels, respectively. East Coast inventories increased by 0.6 million barrels.

    Residential propane prices averaged nearly $2.83 per gallon, 5 cents per gallon above last week’s price and more than 60 cents per gallon above last year’s price. Wholesale propane prices averaged more than $1.55 per gallon, almost 5 cents per gallon above last week’s price and 46 cents per gallon above last year’s price.

    As of February 7, 2022, residential heating oil prices averaged almost $3.89 per gallon, 11 cents per gallon above last week’s price and nearly $1.22 per gallon higher than last year’s price at this time. Wholesale heating oil prices averaged more than $3.11 per gallon, more than 17 cents per gallon above last week’s price and almost $1.28 per gallo¬¬n above last year’s price.




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