With the economic outlook for corn ethanol producers improving, the Energy Information Administration (EIA) projects domestic production to recover to pre-drought levels. In its latest Short-Term Energy Outlook, EIA projects ethanol production to average 860,000 bbl/d in 2013 and 930,000 bbl/d in 2014.
Gasoline and diesel fuel prices both up
The U.S. average retail price of regular gasoline increased seven cents to $3.60 per gallon as of May 13, 2013, down 15 cents from last year at this time. Prices increased in all regions of the nation, but are still below year-ago levels in all regions except the Midwest, where the price is four cents higher than last year at this time. The largest increase came on the West Coast, where the price rose 13 cents to $3.94 per gallon. The Midwest, Gulf Coast, and Rocky Mountain prices all increased seven cents, to $3.68, $3.36, and $3.56 per gallon, respectively. Rounding out the regions, the East Coast price is $3.48 per gallon, up three cents from last week.
The national average diesel fuel price increased two cents to $3.87 per gallon, 14 cents lower than last year at this time. The largest regional increase came on the West Coast, where the price rose five cents to $3.97 per gallon. Although prices in all regions increased, they are still below year-ago levels except in the Midwest, where the price is $3.91 per gallon, four cents higher than last week and one cent higher than last year at this time. The Rocky Mountain price rose two cents to $3.82 per gallon, while the East and Gulf Coast prices both increased less than a penny, to $3.87 and $3.74 per gallon, respectively.