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On May 23, heading into this Memorial Day weekend, the U.S. average retail price of regular gasoline was $4.59 per gallon (gal), the highest inflation-adjusted (real) price since 2012. On a nominal basis, this price is the all-time highest price for gasoline recorded in our weekly Gasoline and Diesel Fuel Update, which dates back to 1990. The high price of gasoline is currently driven by several factors, including the price of crude oil, the effects of Russia's full-scale invasion of Ukraine, and rising U.S. gasoline demand outpacing refinery runs. .
Combusting fuel for electricity generation creates solid byproducts, which have decreased in recent years as some fuels—especially coal, the source of nearly all of these byproducts—have been used less frequently in the United States. In 2020, for the first time since we began collecting these data in 2008, larger amounts of these byproducts were put to beneficial use rather than disposed of.
Petroleum tanker rates for routes originating in Europe rose to record highs in April 2022 because of geopolitical instability related to Russia's full-scale invasion of Ukraine and rising marine fuel prices, also known as bunker fuel. Dirty tanker rates for Aframax-sized vessels originating in the Black Sea in southeast Europe increased to $32.10 per metric ton (mt) in April 2022, more than triple the $10.11/mt price in January 2022. The tanker rates for routes originating in the Baltic Sea in northern Europe reached $41.38/mt in April 2022, up from $7.50/mt in January 2022.
Our recently updated Natural Gas Pipeline Project Tracker tracks recently approved and completed natural gas pipeline projects. In the first quarter of 2022, the Federal Energy Regulatory Commission (FERC) approved three projects intended to increase U.S. natural gas exports via pipeline and as liquefied natural gas (LNG). Our tracker also lists pipelines that were completed last quarter.
On May 16, 2022, the average U.S. on-highway retail diesel fuel price was $5.61 per gallon (gal), a $2.00/gal increase from January 3. Although retail diesel prices have increased across the entire United States, prices in the Northeast have increased the most and are now among the highest in the country. On May 16, the average retail diesel price was $6.43/gal in the New England region and $6.36/gal in the Central Atlantic region, increases of 78% and 68%, respectively, since the beginning of the year. Retail diesel prices in these regions are nearly equal to California's average of $6.47/gal, according to our Gasoline and Diesel Fuel Update.
The Biden administration is reaching out to the oil industry to inquire about restarting shuttered refineries, as the White House scrambles to address record high-gasoline prices.
Check out some of Rigzone's top stories during the last week.
U.S. Bureau of Safety and Environmental Enforcement evaluated Lobo Operating's ability to deploy a water-cooled fire boom system.
Oil and gas exploration in 2021 was remarkably resilient despite the pandemic and accelerating the energy transition, according to Westwood Global.
The allocation is part of a total of $250 million provided through the Bipartisan Infrastructure Law.