The national average for a gallon of regular gasoline is down 18 cents since last week to $4.24, according to AAA. This marks the second straight week of decline. Pump prices are cooling off as the price of crude oil remains below $100 per barrel.
Drivers will take all the relief they can get as they embark on summer road trips. But uncertainty lingers over when the Strait of Hormuz will fully reopen and resume traffic. That unknown means oil prices will likely not decrease dramatically as summertime gasoline demand starts going up.
Today’s National Average: $4.241
One Week Ago: $4.426
One Month Ago: $4.457
One Year Ago: $3.144
According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 9.25 million b/d to 8.59 million. Total domestic gasoline supply increased from 211.6 million barrels to 215 million. Gasoline production decreased last week, averaging 9.4 million barrels per day.
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose $2.26 to settle at $96.02 a barrel. The EIA reports crude oil inventories decreased by 8 million barrels from the previous week. At 433.7 million barrels, U.S. crude oil inventories are about 3% 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 remained the same this past week at 41 cents.
State Stats
Gas
The nation’s top 10 most expensive gasoline markets are California ($5.97), Washington ($5.66), Hawaii ($5.62), Alaska ($5.21), Oregon ($5.16), Nevada ($5.09), Illinois ($4.66), Arizona ($4.62), Idaho ($4.57), and Washington, DC ($4.51).
The nation’s top 10 least expensive gasoline markets are Indiana ($3.55), Texas ($3.72), Oklahoma ($3.74), Louisiana ($3.79), South Carolina ($3.81), Mississippi ($3.81), Tennessee ($3.84), Georgia ($3.85), Kansas ($3.85), and North Carolina ($3.85).
Electric
The nation’s top 10 most expensive states for public charging per kilowatt hour are West Virginia (53 cents), Hawaii (51 cents), Alaska (47 cents), New Hampshire (47 cents), Louisiana (46 cents), California (46 cents), Illinois (45 cents), Arkansas (45 cents), New Jersey (44 cents), and South Carolina (44 cents).
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (30 cents), Missouri (32 cents), Maryland (33 cents), Iowa (34 cents), Utah (34 cents), Nebraska (34 cents), South Dakota (34 cents), Vermont (35 cents), Colorado (37 cents), and Delaware (37 cents).
Drivers can find current gas and electric charging prices along their route using the AAA TripTik Travel planner.
