Motor Fuel Price and Supply Information                        

Prices for the Week of February 22, 2010

City

Regular

Midgrade

Premium

Diesel

Flagstaff

2.75

2.83

2.92

2.92

Phoenix

2.63

2.74

2.87

2.87

Tucson

2.53

2.63

2.74

2.90

U.S.

2.77

2.91

2.99

2.86

Source: OPIS & EIA

City

Regular

Midgrade

Premium

Diesel

Kingman

2.70

2.82

2.99

2.90

Show Low

2.68

2.78

2.86

2.87

Sierra Vista

2.65

2.69

2.85

2.91

Yuma

2.71

2.81

2.88

2.73

Source: OPIS

Short-Term Energy and Winter Fuels Outlook
The U.S. Department of Energy's Energy Information Administration released an updated Short-Term Energy and Winter Fuel Outlook. Click here to view information.

This Week In Petroleum
Source: Energy Information Administration
Released on February 24, 2010

Recent Data on OPEC Production Suggests Stabilization at End of 2009
Recent Data on OPEC Production Suggests Stabilization
Last week, the Energy Information Administration (EIA) released its latest update to the International Petroleum Monthly, which included data through November 2009 on crude oil production in countries belonging to the Organization of the Petroleum Exporting Countries (OPEC). OPEC coordinates as a group to set a target production volume for each member country's crude oil production (excluding lease condensate) at times when it judges the market to be oversupplied. Total crude oil production across all of OPEC is an important data point in understanding global oil markets.

 

The chart above shows that monthly OPEC crude oil production (excluding lease condensate) dropped at the end of 2008 and the beginning of 2009, in the wake of production cuts agreed to by OPEC members at their meetings in October and December 2008, before rebounding slightly in mid-2009. The latest data indicate that OPEC crude oil production has stabilized in recent months at a level slightly above 29 million barrels per day. EIA has discussed the impacts of these decisions in previous editions of This Week In Petroleum (e.g., August 12, 2009 and March 25, 2009 ). To keep current with EIA's estimates of OPEC crude oil production, analysts might be interested in bookmarking a link to EIA's International Petroleum Monthly and to the Short-Term Energy Outlook, which includes the latest data as well as a monthly forecast through the following calendar year.

Prices for Gasoline and Diesel Fuel Move Up
Jumping nearly a nickel to hit $2.66 per gallon, the U.S. average price for regular gasoline rose for the first time since January 11. The price was $0.75 above last year at this time. The averages on the East Coast and in the Rocky Mountains each increased about two cents to $2.66 per gallon and $2.62 per gallon, respectively. In the Midwest, the average price surged over ten cents to $2.61 per gallon. Rising a nickel, the price on the Gulf Coast settled at $2.53 per gallon. The West Coast average moved fractionally higher to $2.87 per gallon. The price in California dipped nearly a penny to $2.92 per gallon.

After five weeks of decline, the U.S. average price for diesel fuel shot up about eight cents to settle at $2.83 per gallon. The average is $0.70 above a year ago. Diesel prices rose in all regions of the country. The average on the East Coast jumped about seven cents to $2.88 per gallon. The largest increase took place in the Midwest where the average soared almost nine cents to $2.79 per gallon. The price on the Gulf Coast climbed about eight cents, also reaching $2.79 per gallon. With a rise of a nickel to $2.83 per gallon, the Rocky Mountains had the smallest increase of any major region. The average on the West Coast increased seven cents. Click here to continue article.

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