The national average for a gallon of regular exceeded four dollars per gallon last week for the first time since August 2022, according to AAA. Today’s average of $4.08 is ten cents higher than last week and $1.08 higher than a month ago. Crude oil prices have been surging, surpassing $100/barrel, as the conflict in the Middle East continues and the Strait of Hormuz remains closed.
In 2022, gas prices remained elevated from March through August, peaking in June when the national average reached a record of five dollars per gallon for one week.
Today’s National Average: $4.081
One Week Ago: $3.981
One Month Ago: $2.997
One Year Ago: $3.238
According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 8.92 million b/d to 8.68 million. Total domestic gasoline supply decreased from 241.4 million barrels to 240.9 million. Gasoline production decreased last week, averaging 9.6 million barrels per day.
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI fell $1.26 to settle at $100.12 a barrel. The EIA reports crude oil inventories increased by 5.5 million barrels from the previous week. At 461.6 million barrels, U.S. crude oil inventories are about 0.1% above 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 41 cents.
State Stats
Gas
The nation’s top 10 most expensive gasoline markets are California ($5.89), Hawaii ($5.50), Washington ($5.36), Oregon ($4.96), Nevada ($4.94), Arizona ($4.68), Alaska ($4.59), Idaho ($4.26), Illinois ($4.26), and Florida ($4.23).
The nation’s top 10 least expensive gasoline markets are Oklahoma ($3.27), Kansas ($3.33), Nebraska ($3.42), North Dakota ($3.43), Iowa ($3.48), Missouri ($3.48), South Dakota ($3.52), Arkansas ($3.52), Minnesota ($3.54), and Georgia ($3.70).
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), Louisiana (47 cents), California (46 cents), South Carolina (46 cents), New Jersey (45 cents), Arkansas (44 cents), and Nevada (43 cents).
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (29 cents), Missouri (32 cents), Utah (33 cents), Nebraska (33 cents), Iowa (33 cents), Maryland (33 cents), Vermont (34 cents), South Dakota (35 cents), Delaware (36 cents), and New Mexico (37 cents).
Drivers can find current gas and electric charging prices along their route using the AAA TripTik Travel planner.
