Gasoline Prices Continue to Decline
As of Aug. 15, the average cost of gasoline has dropped 45 cents over the past three weeks, standing at an average of $4.10 per gallon.
Over the past nine weeks, we have seen an 81-cent drop, which is still $1 more than this time last year.
San Francisco had the highest recorded gas prices in the nation, coming in at $5.36 per gallon. Baton Rouge had the lowest standing at $3.38 per gallon.
Diesel fuel has dropped 37 cents over the past three weeks which puts it at $5.17 per gallon on average.Â
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Diesel Gas 2023 Predictions
The EIA is forecasting global liquid fuel consumption will grow by 2.2 million barrels per day in 2022 and 2.0 million barrels per day in 2023.
US crude oil production is an average of 11.9 million b/d in 2022 and 12.8 million b/d in 2023, which would set a record for most U.S. crude oil production in a year. The current record is 12.3 million b/d, established in 2019.
US regular gasoline retail prices averaged $4.11 per gallon (gal) in the first half of 2022 (1H22), up from $2.78/gal in 1H21. The EIA forecasts gasoline prices will average $4.05/gal in 2022 and $3.57/gal in 2023. US diesel prices averaged $4.91/gal in 1H22, up from $3.06/gal in 1H21. They also forecast diesel prices will average $4.73/gal in 2022 and $4.07/gal in 2023.
Diesel Gas August Predictions
According to EIA, based on their Short-Term Energy Outlook April 12 update, EIA is predicting retail diesel fuel will average $4.57 per gallon.
They further calculate the average U.S. household will spend about $2,945 on gasoline in 2022, which is $455 (18%) more than in 2021.Â
Conclusion
There is finally a light at the end of the tunnel that is expensive fuel. Given the prediction by EIA, we can expect these prices to continue to drop, forecasting an average of $4.07 per gallon in 2023. For more updates like this one, subscribe to TopMark Funding for continuous updates.
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