Houston — U.S. gasoline prices dropped again on Monday, according to the latest figures from the AAA gas prices website.
As of July 11, the national average price of regular gasoline is $4.678 per gallon, down from yesterday’s average of $4.684 per gallon, the week ago average of $4.807 per gallon, and the month ago average of $5.004 per gallon, the AAA site highlights.
U.S. gasoline prices are still up compared to the year ago average of $3.144 per gallon but considerably down from the highest recorded average gasoline price of $5.016 per gallon, which was seen on June 14, the AAA site outlined.
AAA also revealed that diesel prices dropped on Monday to $5.642 per gallon, from $5.650 per gallon yesterday, $5.735 per gallon a week ago, and $5.765 per gallon a month ago. Diesel prices are still up from the year ago average of $3.263 per gallon, however, according to the AAA site.
The Brent crude oil price dropped from a close of $114.81 per barrel on June 30 to $100.69 per barrel on July 6, before jumping to $107.02 per barrel on July 8. The West Texas Intermediate oil price dropped from $105.76 per barrel on June 30 to $98.53 per barrel on July 6, before rising to $104.79 per barrel on July 8.
According to the U.S. Energy Information Administration’s (EIA) latest gasoline and diesel fuel update, 59 percent of the May regular gasoline retail price of $4.44 per gallon comprised crude oil costs. Twenty-six percent was up of refining costs, 11 percent in taxes, and five percent in distribution and marketing costs, the EIA update revealed.
Crude oil costs made up 47 percent of the May diesel price of $5.57 per gallon, the EIA update outlined. Refining costs made up 25 percent, distribution and marketing made up 17 percent, and taxes made up 10 percent, according to the EIA.
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