The Energy Information Administration reports that the U.S. average price for regular gasoline increased two cents to $2.61 per gallon, 99 cents higher than the price a year ago. Prices rose in all regions of the country except the Rocky Mountains, where the price slipped less than a penny. On the West Coast, which includes Alaska, Arizona, California, Hawaii, Nevada, Oregon, and Washington, the average increased one cent to $2.86 per gallon. The California average price rose two cents to $2.93 per gallon.
     For the first time in eight weeks, the national average price for diesel fuel increased. It rose by such a small amount, however, that the nearest-penny average remained unchanged at $2.73 per gallon. The diesel average is now 41 cents per gallon higher than at this time last year. The average on the West Coast went up about two cents to $2.84 per gallon. Finishing at $2.90 per gallon, the California average rose a penny.
     The total US stored supply of gasoline is down slightly to an estimated 29.6 million barrels, according to the EIA. This figure has remained quite consistent over the last six weeks, and represents 3 million barrels more than at this time last year. In terms of days' worth of supply, the gasoline in storage would last the country approximately 23.9 days at the current level of consumption. This is almost a day more than the estimate one year ago.
     Described by industry experts as an effort by financial investors to push up the price during an otherwise low-volume week, crude oil traded briefly at $80.00 on Thursday and then retreated to close at $79.36. Experts predict further settling of the crude price back to the mid-seventies or lower in the next few weeks.

Chris Nobles
Commercial Fueling
Nella Oil Company