While the national average retail pump price for diesel and gasoline remained on a downward track this week, Energy Information Administration (EIA) data showed price declines for both fuels overall were very small.
The national average retail pump price for diesel dropped 6/10ths of a penny to $2.310 per gallon this week, according to EIA, which is 30.5 cents per gallon cheaper compared to the same week in 2015. That's the seventh consecutive weekly decline.
Diesel prices declined in every region of the country, though those declines were small compared to previous weeks, the agency added.
The biggest regional dips in diesel prices occurred in:
- The West Coast: down 1.3 cents to $2.441 per gallon with California’s diesel prices excluded. That morphs into a 1.2 cent dip to $2.583 with California’s prices included.
- California: down 1.1 cent to $2.616.
- New England: down a penny to $2.368.
EIA’s data indicated gasoline prices experienced modest volatility on a regional basis in the U.S. this week. As a result the national average retail pump price for gasoline decline a mere 1/10th of a penny to $2.149 per gallon, though that is 56.7 cents cheaper compared to the same week in 2015, the agency said.
On another front, EIA noted that since the removal of restrictions on exporting U.S. crude oil in December last year, the number of countries receiving oil exports is up sharply across a wide swatch of the globe.
In the first five months of 2016, U.S. crude oil exports averaged 501,000 barrels per day (b/d), the agency pointed out; some 43,000 b/d or 9% more than the full-year 2015 average.
After the lifting of restrictions, the number and variety of destinations for U.S. crude oil exports changed as well, with U.S. crude oil now being exported to 16 different nations—some six more than 2015 and double the number of destinations compared to 2014.