U.S. average price of regular gasoline drops below $3.50 for the first time since April 14.
This Week in Petroleum (EIA)
Gasoline and Diesel
The U.S. average price for regular gasoline plunged 14.8 cents to slip below $3.50 for the first time since April 14. Prices have now fallen for three weeks in a row, bringing the average to 348.4 cents per gallon, but are 71.4 cents above a year ago. The U.S. average diesel price dropped 8.4 cents to 387.5 cents per gallon. Prices settled below the $4 mark in all major regions of the country for the first time since March 10.
| Retail Prices (Cents Per Gallon) | |||
|---|---|---|---|
 |
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| Retail Prices | Change From Last | ||
| 10/06/08 | Week | Year | |
| Gasoline | 348.4 |  -14.8 |
 71.4 |
| Diesel Fuel | 387.5 | -8.4 |
84.0 |
| Heating Oil | 367.0 |  NA |
89.6 |
| Propane | 265.9 | NA |
53.4 |
| Spot Prices (Cents Per Gallon*) | |||
|---|---|---|---|
 |
|||
| Spot Prices | Change From Last | ||
| 10/03/08 | Week | Year | |
| Crude Oil WTI | 93.91 | -12.86 |
12.71 |
| Gasoline (NY) | 230.0 | -35.8 |
18.8 |
| Diesel Fuel (NY) | 270.9 | -37.8 |
44.8 |
| Heating Oil (NY) | 261.3 | -38.3 |
42.0 |
| Propane Gulf Coast | 137.1 | -14.4 |
-0.6 |
| *Note: Crude Oil WTI Price in Dollars per Barrel. | |||
Heating Oil
About 7 percent of U.S. households use heating oil. While this number has been dropping steadily over the past decade, heating oil remains vital to the Northeast, where around 25 percent of households in the Middle Atlantic and about 46 percent of homes in New England use it as their primary heating fuel. According to EIA’s 2005 Residential Consumption Survey, the households in the bottom 20 percent of heating oil consumers use less than 500 gallons per year while the households in the top 20 percent consume over 1200 gallons. The main driver of heating oil prices is the cost of crude oil.
The National Oceanic and Atmospheric Administration’s (NOAA) forecast for the 2008-09 winter predicts slightly colder weather than last year (more heating-degree days) for most of the country, including the Northeast. If this forecast holds and heating oil consumers choose not to lower their thermostats, consumption will be higher than last year. Steeper prices combined with colder weather could put a serious dent in many household budgets.
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EIA: Retail Prices
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