The U.S. Energy Information Administration (EIA) has revealed its latest gasoline and diesel price forecasts for 2023 and 2024 in its February short term energy outlook (STEO).
The EIA now expects the retail gasoline price to average $3.39 per gallon in 2023 and $3.10 per gallon in 2024, which marks a slight increase to the projections made in the January STEO, which saw retail gasoline coming in at $3.32 per gallon this year and $3.09 per gallon in 2024.
In the latest STEO, on-highway diesel fuel is projected to average $4.23 per gallon in 2023 and $3.70 per gallon in 2024. The January STEO saw on-highway diesel fuel averaging $4.22 per gallon this year and $3.69 per gallon in 2024.
According to the EIA’s latest gasoline and diesel fuel update, which was released on February 6, the U.S. regular gasoline price increased from $3.415 per gallon on January 23 to $3.489 per gallon on January 30, before dropping to $3.444 per gallon on February 6. The regular gasoline price is most expensive in California, at $4.414 per gallon, and cheapest in the Gulf Coast, at $3.092 per gallon, as of February 6, the update showed.
U.S. on-highway diesel fuel prices also increased from $4.604 per gallon on January 23 to $4.622 per gallon on January 30, before dropping to $4.539 per gallon on February 6, according to the update. This fuel was also most expensive in California, at $5.482 per gallon, and cheapest in the Gulf Coast, at $4.249 per gallon, as of February 6, the report outlined.
AAA Gas Prices
According to the AAA Gas Prices website, as of February 9, the average price of regular gasoline in the U.S. is $3.437 per gallon. Yesterday’s average price was $3.445 per gallon, the week ago average was $3.498 per gallon, the month ago average was $3.280 per gallon, and the year ago average was $3.469 per gallon, the AAA site shows.
The average diesel price in the U.S. is $4.593 per gallon, as of February 9, according to the site. Yesterday’s average was $4.604 per gallon, the week ago average was $4.675 per gallon, the month ago average was $4.653 per gallon, and the year ago average was $3.854 per gallon, the site highlights.
The highest recorded average price for regular gasoline was seen on June 14, 2022, at $5.016 per gallon, and the highest recorded average price for diesel was seen on June 19, 2022, at $5.816 per gallon, the AAA site points out.
In a statement posted on the AAA site on February 6, AAA spokesperson Andrew Gross said, “keep an eye on the price of oil … because oil currently accounts for nearly 60 percent of what we pay at the pump”.
“Rising or falling oil prices can have a direct impact on motorists’ wallets,” Gross added in the statement.
GasBuddy’s live ticking average for regular gasoline in the U.S. was $3.407 per gallon, as of 7.25am EST on February 9, which the organization outlined was “steady” from yesterday’s average. The price was down from last week’s average, up from last month’s average, and down from last year’s average, the GasBuddy website outlined.
In its 2023 fuel outlook released on December 28, 2022, GasBuddy projected that the yearly national average price of gas in 2023 would drop to $3.49 per gallon.
“Continuing improvement in refinery capacity will help alleviate gasoline and diesel prices, though high levels of uncertainty remain amidst Russia’s ongoing war on Ukraine and continuing economic concerns,” GasBuddy said in a statement posted on its website at the time.
In the statement, the organization also noted that a $4 national average remains possible ahead of and during the summer driving season.