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- 09 Jun
Rise in fuel prices in Western US offset fuel price declines in East
Today the US Energy Information Administration announced that US national average fuel prices were essentially unchanged this week. In their “This Week In Petroleum” report, the EIA announced that fuel price increases in the Midwest and on the West Coast offset price decreases in the East, Gulf Coast, and Rocky Mountains.
This week US national averages dipped less than half a cent, remaining essentially unchanged at $2.73 per gallon. The price was a dime higher than last year at this time. Price changes were mixed, with the East Coast seeing the largest regional decrease, of nearly four cents, to $2.69 per gallon. The averages on the Gulf Coast and in the Rocky Mountains declined about three cents to $2.61 per gallon and $2.79 per gallon, respectively. Moving up three and a half cents, the average in the Midwest reached $2.66 per gallon. The West Coast price rose three cents to $3.01 per gallon, while the average in California increased over four cents to settle at $3.07 per gallon.
Now we all wait to see the what impact hurricane season will have on fuel prices this summer. August and September are typically the most common for hurricanes in the US. In 2008 fuel prices were impacted dramatically by hurricanes, and according to EIA software simulations, the likelihood of experiencing disruptions similar to the 2008 hurricane season (outages of 65 million barrels) or worse is estimated to be 17 percent during the upcoming season, which is quite a bit higher than the probability expected during a normal season (5 percent).
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