Gas prices are going up again, as the future of the ceasefire between the U.S. and Iran remains uncertain, according to AAA. The national average for a gallon of regular gasoline went up 5 cents overnight to $3.84 after steadily dropping since late May.
Crude oil prices are currently in the $70 per barrel range but could rise if volatility lingers along the Strait of Hormuz. Prices are still lower than they were in the spring when the national average peaked at $4.56 on May 21.
Today’s National Average: $3.846
One Week Ago: $3.838
One Month Ago: $4.161
One Year Ago: $3.163
According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 9.13 million b/d to 8.84 million. Total domestic gasoline supply decreased from 214 million barrels to 212.1 million. Gasoline production decreased last week, averaging 9.7 million barrels per day.
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose $3.08 to settle at $73.52 a barrel. The EIA reports that crude oil inventories increased by 3 million barrels from the previous week. At 411.4 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 went up by one cent this past week to 42 cents.
State Stats
Gas
The nation’s top 10 most expensive gasoline markets are Hawaii ($5.46), California ($5.38), Washington ($4.99), Alaska ($4.69), Nevada ($4.55), Oregon ($4.53), New York ($4.06), Illinois ($4.05), Washington, DC ($4.05), and Idaho ($3.99).
The nation’s top 10 least expensive gasoline markets are Indiana ($3.21), Oklahoma ($3.40), Texas ($3.41), Mississippi ($3.43), Kentucky ($3.45), Tennessee ($3.46), Louisiana ($3.46), Arkansas ($3.47), Kansas ($3.47), and Iowa ($3.48).
Electric
The nation’s top 10 most expensive states for public charging per kilowatt hour are West Virginia (53 cents), Hawaii (51 cents), Alaska (49 cents), New Hampshire (47 cents), California (46 cents), Louisiana (46 cents), New Jersey (45 cents), Illinois (45 cents), Arkansas (44 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 (34 cents), Nebraska (35 cents), Vermont (35 cents), Minnesota (37 cents), and New Mexico (37 cents).
Drivers can find current gas and electric charging prices along their route using the AAA TripTik Travel planner.
