The national average for a gallon of regular gasoline jumped 15 cents from last week to $4.09, according to AAA. Most states are now averaging $4 per gallon or higher. Rising crude oil prices are behind the spike at the pump. Volatility along the Strait of Hormuz and instability in the region have pushed crude oil prices into the $90 per barrel range and could continue driving up costs during the second half of summer.
Today’s National Average: $4.091
One Week Ago: $3.943
One Month Ago: $3.926
One Year Ago: $3.155
According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.84 million to 8.94 million. Total domestic gasoline supply increased from 210.5 million barrels to 211.3 million. Gasoline production increased last week, averaging 9.7 million barrels per day.
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose $2.49 to settle at $86.83 a barrel. The EIA reports that crude oil inventories increased by 2 million barrels from the previous week. At 411.7 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year.
EV Charging
The national average per kilowatt hour of electricity at a public EV charging station stayed the same this past week at 42 cents.
State Stats
Gas
The nation’s top 10 most expensive gasoline markets are California ($5.57), Hawaii ($5.42), Washington ($5.07), Alaska ($4.72), Nevada ($4.69), Oregon ($4.60), Arizona ($4.30), Michigan ($4.26), Montana ($4.26), and Illinois ($4.25).
The nation’s top 10 least expensive gasoline markets are Indiana ($3.53), Mississippi ($3.64), Louisiana ($3.67), Tennessee ($3.70), Texas ($3.70), Kentucky ($3.72), Kansas ($3.74), Alabama ($3.75), Oklahoma ($3.76), and Arkansas ($3.79).
Electric
The nation’s top 10 most expensive states for public charging per kilowatt hour are West Virginia (53 cents), Hawaii (51 cents), Alaska (48 cents), New Hampshire (47 cents), California (46 cents), Louisiana (46 cents), Illinois (45 cents), New Jersey (45 cents), Arkansas (45 cents), and Arizona (44 cents).
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (30 cents), Missouri (32 cents), Iowa (33 cents), Maryland (34 cents), Utah (34 cents), South Dakota (35 cents), Nebraska (35 cents), Vermont (35 cents), New Mexico (37 cents), and Minnesota (37 cents).
Drivers can find current gas and electric charging prices along their route using the AAA TripTik Travel planner.
