In addition to crude from Canada, crude imports from Colombia, Kuwait, and Brazil also increased; however, imports from other major suppliers declined since 2005 (Figure 2). U.S. imports from Nigeria have fallen 671,000 bbl/d (62 percent) since reaching almost 1.1 million bbl/d in 2005. This decline in imports of Nigerian crude has been split fairly evenly between the Gulf Coast and East Coast. Much of the growth in domestic production has been light low-sulfur crude oil, a suitable and more economic substitute for the Brent-price-linked Nigerian grades, which have lost competitiveness in U.S. import markets. The United States has also reduced imports of heavy high-sulfur crude from Mexico and Venezuela and light low-sulfur crude from Angola and the United Kingdom.
Gasoline and diesel fuel prices both decrease for a 3rd week
The U.S. average retail price of regular gasoline decreased one cent to $3.70 per gallon, down 17 cents from last year at this time. Prices declined in all regions of the nation except the Midwest, where the price is $3.65 per gallon, up three cents from last week, and the Rocky Mountain region, where the price is unchanged at $3.47 per gallon. The West Coast and East Coast prices both dropped four cents, to $4.01 per gallon and $3.69 per gallon, respectively. Rounding out the regions, the Gulf Coast price declined two cents to $3.52 per gallon.
The national average diesel fuel price decreased four cents for the second consecutive week, to $4.05 per gallon, 10 cents lower than last year at this time. Prices decreased in all regions of the nation, with the largest decrease on the West Coast, where the price decreased seven cents to $4.16 per gallon. The Gulf Coast and Rocky Mountain prices are now both under the $4 per gallon mark, falling five and four cents from last week, respectively, to $3.99 per gallon and $3.97 per gallon. The East Coast price declined four cents to $4.08 per gallon, and the Midwest price is $4.02 per gallon, dropping three cents from last week.