The national average for a gallon of regular has been falling for three straight weeks, delivering some relief to drivers during the busy summer travel season, according to AAA. Since May 21, the national average has dropped from $4.56 to $4.12 thanks to crude oil prices remaining below $100 per barrel. Gas prices typically peak around this time of year, but uncertainty surrounding the Strait of Hormuz makes this year more unpredictable. Pump prices remain at four-year highs, but the national average is currently far from the record set on June 11, 2022, of $5 per gallon.
Today’s National Average: $4.129
One Week Ago: $4.241
One Month Ago: $4.520
One Year Ago: $3.125
According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.59 million b/d to 8.73 million. Total domestic gasoline supply increased from 215 million barrels to 215.1 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 $1.83 to settle at $90.03 a barrel. The EIA reports crude oil inventories decreased by 7.2 million barrels from the previous week. At 426.5 million barrels, U.S. crude oil inventories are about 5% 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 rose 1 cent this past week to 42 cents.
State Stats
Gas
The nation’s top 10 most expensive gasoline markets are California ($5.80), Hawaii ($5.58), Washington ($5.56), Alaska ($5.15), Oregon ($5.04), Nevada ($4.96), Arizona ($4.48), Idaho ($4.46), Illinois ($4.44), and New York ($4.40).
The nation’s top 10 least expensive gasoline markets are Indiana ($3.39), Texas ($3.58), Oklahoma ($3.61), Tennessee ($3.68), Louisiana ($3.69), Kentucky ($3.69), Mississippi ($3.71), South Carolina ($3.73), Alabama ($3.73), and Arkansas ($3.74).
Electric
The nation’s top 10 most expensive states for public charging per kilowatt hour are West Virginia (52 cents), Hawaii (51 cents), California (47 cents), New Hampshire (47 cents), Louisiana (46 cents), New Jersey (45 cents), Illinois (45 cents), Arkansas (44 cents), Alaska (44 cents), and South Carolina (43 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), South Dakota (34 cents), Nebraska (35 cents), Vermont (36 cents), New Mexico (37 cents), and Colorado (37 cents).
Drivers can find current gas and electric charging prices along their route using the AAA TripTik Travel planner.
