Demand, crude costs keep fuel prices up

According to an Aug. 1 survey conducted by the Missouri Department of Natural Resources’ Energy Center, Missouri’s retail price for regular gasoline is $2.13 per gallon, five cents under the record retail price of $2.18 per gallon set on July 18. Missouri’s average retail price decreased 4.6 cents compared to July, but it is more than 37 cents higher than the price paid at this time in 2004.

According to an Aug. 5 U.S. Department of Natural Resources news release, the average retail gasoline price paid throughout the United States increased 2 cents per gallon to $2.29 for the week ending July 29 due to lower gasoline production and imports and very strong gasoline demand in the United States.

The record retail price paid for regular unleaded gasoline in the United States is $2.33 per gallon, set on July 11. Implied gasoline demand was 9.6 million barrels per day, up 200,000 barrels from the prior week.

U.S. gasoline supplies fell 4 million barrels, the largest decline since August 2003, and now stand 4.9 million barrels lower compared to last year.

Crude oil

U.S. crude oil futures prices at the New York Mercantile Exchange settled Aug. 3 at $60.86 per barrel. The highest settlement price for crude oil at the NYMEX was set Aug. 1 at $61.57. The Aug. 3 closing price of $60.86 per barrel is 39 percent higher than the $43.82 price of a year ago. Crude oil supplies stand 19.4 million barrels higher compared to last year. Crude oil supplies increased 200,000 barrels during the week ending July 29, following strong imports of nearly 11 million barrels per day, the third highest level on record.

Diesel

Missouri’s average diesel fuel price was $2.25, or 6 cents under the record price of $2.31 per gallon set on July 18 and 55 cents, or 32 percent, higher than this time last year. The average retail diesel price in the United States was $2.35 per gallon Aug. 1, falling 6 cents from its retail record price of $2.41, set July 11.

The Energy Center’s bimonthly fuels survey polled a selection of service stations throughout the state on the price of regular unleaded gasoline, diesel fuel, B-20 biodiesel fuel and E-85 ethanol.

[[In-content Ad]]