Retail fuel prices hold steady.
The national retail gasoline average price has held steady for the past 30 days, hovering around $2.77 per gallon. This is 90 cents per gallon less than last year, but higher than most analysts believe it should be based on supplies.
Part of the problem is that the Department of Energy (DOE) is stating that demand is off the chart which is keeping prices high. Anecdotal evidence and surveys of actual retailers show gasoline consumption nearly even with last year, while the DOE reports a demand increase of 3-4% versus last year.
Roughly 15% of all stations in the United States have a price greater than $3.00 per gallon, compared to last year when 100% of stations were above $3.00. Ironically, another 15% of stations have a price that is less than $2.50 per gallon. The highest 5% of stations in the United States average $3.61 per gallon while the lowest 5% average $2.38 per gallon, for a range of $1.23 per gallon. Last year the difference between the highest and lowest price stations averaged just 96 cents per gallon.
Experts are still anticipating lower fuel prices, but most don’t anticipate that to come until after the summer drive season. The consensus is that prices are likely to remain steady throughout the remainder of the summer with the potential for a small uptick towards the end of August.
Meantime, diesel has also been flat, holding steady at $2.85 per gallon. Diesel is likely to follow the same trajectory as gasoline.
|WEX Monthly PPG Average Report for June 2015|
|Los Angeles, CA||$3.72||$3.21|
|New Orleans, LA||$2.55||$2.72|
|New York, NY||$3.12||$3.67|
|San Francisco, CA||$3.65||$3.49|
|St. Louis, MO||$2.71||$2.53|
|National Average (US)||$2.78||$2.84|