The U.S. Energy Information Administration’s (EIA) latest gasoline and diesel fuel update, which was released on December 27, has revealed what consumers were paying for in a gallon of gasoline and diesel back in November.
According to the update, which pegged the retail price of regular gasoline at $3.69 per gallon last month, 55 percent of that total went towards crude oil costs, 18 percent went towards distribution and marketing costs, 14 percent went towards taxes, and 13 percent went towards refining costs.
Diesel had a different percentage breakdown, the update, which pegged the retail price of diesel in November at $5.26 per gallon, showed. Thirty-nine percent of that total went towards crude oil costs, with 28 percent going towards refining costs, 22 percent going towards distribution and marketing costs, and 11 percent going towards taxes, according to the update.
The EIA’s latest update outlined that regular gasoline prices had come down from $3.239 per gallon on December 12, to $3.120 per gallon on December 19, and $3.091 per gallon on December 26. U.S. on-highway diesel fuel prices were shown in the update to have dropped from $4.754 per gallon on December 12, to $4.596 per gallon on December 19, and $4.537 per gallon on December 26.
According to the AAA gas prices website, as of December 29 in the U.S., the average price of regular gasoline is $3.159 per gallon and the average price of diesel is $4.677 per gallon. The state with the lowest gasoline price is Georgia, at $2.729 per gallon, and the state with the highest gasoline price is Hawaii, at $5.030 per gallon, as of December 29, the AAA site highlighted.
In its latest short term energy outlook (STEO), which was released in December, the EIA projects that the retail gasoline price will average $3.99 per gallon this year and $3.51 per gallon in 2023. The EIA sees the on-highway diesel fuel price averaging $5.05 per gallon in 2022 and $4.48 per gallon in 2023, the December STEO shows.
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