Commodities Buzz: EIA Reports Slight Decline In US Gasoline Prices Over Last One Week

24 Mar 2022 , 12:21 PM

The US EIA noted in a latest update that there has been slight moderation in the US fuel prices in last few days. On March 21, the US regular retail gasoline price across all formulations (conventional and reformulated) averaged $4.24 per gallon (gal), and the US on-highway retail diesel fuel price averaged $5.13/gal. Retail gasoline prices peaked in EIA’s weekly data on March 14 at $4.32 per gallon, a 22% increase from $3.53 per gallon on February 21. During the same three-week period, the average US on-highway retail diesel fuel price increased 29% from $4.06/gal to $5.25/gal. Retail gasoline and diesel fuel prices have never increased so quickly on a percentage basis over a three-week period in our data (which for gasoline dates back to August 1990 and for diesel dates back to March 1994).

The average US regular retail gasoline price for the first three weeks of March 2022 was $4.22/gal. After adjusting historical prices using the CPI, this price in real terms is lower than the all-time high of $5.27/gal in June 2008 (using March 2022 dollars). The real price adjusts the nominal June 2008 price of $4.05/gal for 14 years of inflation. Likewise, the average US on-highway retail diesel fuel price for the first three weeks of March was $5.08/gal, which is $1.01/gal less than the average June 2008 price in real terms.

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