Average U.S. diesel prices dropped slightly this week to $2.909, according to data tracked by the Energy Information Administration (EIA). The EIA said the average U.S. retail pump price for diesel was down 5 tenths of a cent this week, which is $1.009 per gallon cheaper compared to the same week in 2014.
Diesel prices decreased in every region of the country, except for the Midwest – up 4 tenths of a cent to $2.804 – and the Rocky Mountain region – up 5 tenths of a cent to $2.835. And, similar to last week, six areas broke the $3 per gallon mark:
California, down 2 cents to $3.249 per gallon;
The Central Atlantic, down about 2 cents $3.143;
The West Coast including California, down just over a cent to $3.163;
New England, up 9 tenths of a cent to $3.092;
The East Coast, just over a cent to $3.001;
The West Coast without California, down 2 tenths of a cent to $3.055.
Average U.S. retail pump prices for gasoline climbed 6 tenths of a cent this week to $2.780 per gallon, the agency noted, which is still 91 cents cheaper compared to the same week last year.
Gasoline prices increased in every region of the U.S., with the exception of the West Coast including California, which saw a 4.3 cent drop to $3.444; the West Coast without California, which saw a nearly 1 cent drop to $3.014; and the Gulf Coast, which saw a decrease of 3 tenths of a cent to $2.483. Two regions were above the $3-per-gallon mark – the West Coast including California and the West Coast without California, EIA said.
According to EIA, U.S. oil production has grown rapidly in recent years, and EIA’s data show an increase from 5.6 million barrels per day in 2011 to 7.5 million barrels per day in 2013, as well as a record 1.2 million barrel per day increase to 8.7 million barrels per day in 2014.
“Increasing production of light crude oil in low-permeability or tight resource formations in regions like Bakken, Permian Basin, and Eagle Ford (often referred to as light tight oil) account for nearly all the net growth in U.S. crude oil production,” according to EIA.
EIA projects continued production growth in 2015 and 2016, albeit at a slower pace than in 2013 and 2014. It also projects further production growth beyond 2016, but EIA said its pace and duration remain uncertain.