The U.S. average retail price of regular gasoline decreased four cents last week to $3.45 per gallon -- one penny/gallon higher year-over. The largest decrease came on the West Coast, where the price has fallen 63 cents over the last five weeks, and 12 cents from last week, to $3.78 per gallon.
The Gulf Coast price dropped seven cents to $3.21/gallon, and the price in the Rocky Mountain region is now $3.56/gallon, a nickel less than last week. On the East Coast the price decreased four cents to $3.49/gallon.
The only region where the price increased was the Midwest, where the price is up a penny to $3.33/gallon.
The national average diesel fuel price decreased three cents to $3.98/gallon, a penny lower than last year at this time. The last time the national average diesel price was below the $4-per-gallon mark was August 13, 2012.
The largest decrease came in the Rocky Mountain region, where the price fell six cents to $4.10/gallon. The Midwest and Gulf Coast prices were each down a nickel, to $3.91/gallon and $3.88/gallon, respectively. On the West Coast the price is now $4.13/gallon, a decrease of two cents from last week. The only region where the price increased was the East Coast, where the price increased less than a penny to $4.04/gallon.
Total U.S. inventories of propane dipped again last week, falling 0.4 million barrels to end at 73.2 million barrels, 13.6 million barrels (23%) higher than a year ago. Stocks in the East Coast region were drawn down by 0.3 million barrels, while Rocky Mountain/West Coast stocks fell 0.1 million barrels. Midwest stocks dropped slightly, and Gulf Coast inventories grew slightly.
Propylene non-fuel-use inventories represented 5.7% of total propane inventories.