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Diesel Prices Increase By 3 Cents A Gallon, Gas Up, Too

AgFax.Com - Your Online Ag News Source

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From the U.S. Energy Information Administration

March 3, 2010 – The U.S. average price for diesel fuel moved up three cents to settle at $2.86 per gallon, $0.77 above a year ago.

The East Coast, Midwest, and Gulf Coast prices strengthened about three cents to $2.90 per gallon, 2.83 per gallon, and $2.82 per gallon, respectively. The smallest increase took place in the Rocky Mountains where the average went up about two cents to $2.85 per gallon.

The West Coast price jumped four cents to $2.96 per gallon as California also moved up four cents, to $3.02 per gallon.

Gasoline increases, too: For the second week in a row, the average price for regular gasoline increased in all major regions of the country, with the national average shooting up nearly a nickel to $2.70 per gallon. The U.S. average price was $0.77 above last year.

The averages on the East Coast and in the Midwest each increased about four cents to $2.70 per gallon and $2.64 per gallon, respectively. The Gulf Coast price jumped over six cents to $2.60 per gallon. The Rocky Mountains experienced the smallest increase of any region, moving up about a penny to $2.63 per gallon. T

he price on the West Coast rose the most of any region, up seven cents to $2.94 per gallon. The price in California increased eight cents to $3.00 per gallon.

Propane inventory decline tapers off: After reaching a peak of 73 million barrels in October, an 11-year high, propane stocks have dropped precipitously through the winter heating season. The stock draw appears to have tapered off last week as total U.S. inventories fell 0.5 million barrels to 26.8 million barrels.

The Gulf Coast region led the decline with a 1.7 million barrel draw. All other regions realized a gain in propane inventories. East Coast stocks built by 1.0 million barrels, the Midwest region increased by 0.2 million barrels, and the Rocky Mountain/West Coast region was slightly higher. Propylene non-fuel use inventories decreased their share of total propane/propylene stocks from 10.0 percent to 9.4 percent.

The average residential propane price fell 0.7 cent per gallon to reach 267.7 cents per gallon. This was an increase of 40.3 cents per gallon compared to the same period last year. Wholesale propane prices dropped 3.3 cents per gallon to reach 134.7 cents per gallon. This was an increase of 58.9 cents per gallon when compared to the March 2, 2009 price of 75.8 cents per gallon.