Gasoline, Diesel Prices Decline For Second Week In A Row

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From the U.S. Energy Information Administration

January 27, 2010

Diesel prices (see table, chart below) decreased for the second consecutive week, with the national average dropping four cents to $2.83 per gallon. The average is $0.57 above the price a year ago. Diesel prices declined throughout the country. On the East Coast and in the Midwest, the averages each fell about four cents to $2.88 and $2.79 per gallon, respectively. On the Gulf Coast and on the West Coast, the averages dropped about three cents to $2.80 and $2.92 per gallon, respectively, with the California price dipping two cents to $2.99 per gallon. In the Rocky Mountains, the price slipped a penny to settle at $2.82 per gallon.

Gasoline Down, Too: Declining for the second week in a row, the U.S. average price for regular gasoline dropped three cents to $2.71 per gallon, $0.87 above the average a year ago. While the average in the Rocky Mountains increased by less than one cent to stay at $2.62 per gallon, prices slipped in all other regions. On both the East and the Gulf Coasts, the averages dropped about three cents to $2.72 and $2.59 per gallon, respectively. The largest drop occurred in the Midwest where the average fell six cents to $2.62 per gallon. On the West Coast, the average slipped a penny to $2.94 per gallon. In California, the average fell two cents to $3.01 per gallon.

Propane Inventories Fall Again: After logging the largest two-week stock draw in nearly three years, inventories were pushed down to an estimated 36.8 million barrels, after losing 4.3 million barrels this past week. U.S. inventories of propane remained below the lower limit of the average range for this time of year. More than half of the weekly stock draw occurred in the Gulf Coast region, which drew 2.5 million barrels, while the Midwest region declined 1.6 million barrels. The Rocky Mountain/West Coast inventories fell 0.3 million barrels. East Coast regional stocks saw a slight build last week. Propylene non-fuel use inventories increased their share of total propane/propylene stocks from 8.3 percent to 8.4 percent.

The average residential propane price gained 0.5 cent per gallon to reach 267.6 cents per gallon. This was an increase of 35.2 cents per gallon compared to the same period last year. Wholesale propane prices rose 8.5 cents per gallon to reach 143.3 cents per gallon. This was an increase of 53.1 cents per gallon when compared to the January 26, 2009 price of 90.2 cents per gallon.