While the story of U.S. gasoline markets during the second half of 2013 cannot yet be written, experience allows us to be certain about two things – first, that there are inevitably surprises ahead of us; and second, that "location, location, location" will continue to drive important differences across regional markets.
Gasoline prices decrease for a 3rd consecutive week; diesel fuel for a 6th
The U.S. average retail price of regular gasoline decreased eight cents to $3.50 per gallon as of July 1, 2013, 14 cents higher than last year at this time. The U.S. average price has decreased 16 cents over the last three weeks, to the lowest level since January 28. Prices fell in all regions, led by a 15-cent decrease in the Midwest to $3.39 per gallon, down 47 cents over the last three weeks. The Gulf Coast price is now $3.31 per gallon, down seven cents from last week. The West Coast price is lower by six cents at $3.89 per gallon, and the East Coast price decreased four cents to $3.46 per gallon. Rounding out the regions, the Rocky Mountain price dropped three cents to $3.64 per gallon.
The national average diesel fuel price decreased two cents to $3.82 per gallon, 17 cents higher than last year at this time. Prices fell in all regions, led by a Midwest price decrease of three cents to $3.82 per gallon. The East Coast, Rocky Mountain, and West Coast prices are all lower by two cents, to $3.82, $3.82, and $3.94 per gallon, respectively. Rounding out the regions, the Gulf Coast price is $3.73 per gallon, a penny lower than last week.