As holiday travelers hit the road in record numbers (see: AAA: 39M Americans Planning Memorial Day Road Trips), Memorial Day weekend gas prices were the highest they’ve been in four years, according to AAA.
The national average for a gallon of regular is at $4.56, up 3 cents over last week and $1.38 higher than this time last year. Current prices are close to what drivers were paying 4 years ago, when the national average on Memorial Day was $4.61. With gasoline demand on the rise and the prolonged closure of the Strait of Hormuz, pump prices are likely to remain elevated as the summer travel season gets underway.
Today’s National Average: $4.564
One Week Ago: $4.534
One Month Ago: $4.022
One Year Ago: $3.183
According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.75 million b/d to 8.76 million. Total domestic gasoline supply decreased from 215.7 million barrels to 214.2 million. Gasoline production decreased last week, averaging 9.3 million barrels per day.
Oil Market Dynamics
At the close of Wednesday’s (May 20) formal trading session, WTI fell $5.89 to settle at $98.26 a barrel. The EIA reports crude oil inventories decreased by 7.9 million barrels from the previous week. At 445 million barrels, U.S. crude oil inventories are about 2% 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 unchanged this past week at 41 cents.
State Stats
Gas
The nation’s top 10 most expensive gasoline markets are California ($6.14), Washington ($5.78), Hawaii ($5.64), Oregon ($5.35), Alaska ($5.27), Nevada ($5.27), Illinois ($5.01), Arizona ($4.81), Colorado ($4.76), and Ohio ($4.76).
The nation’s top 10 least expensive gasoline markets are Mississippi ($4.01), Georgia ($4.03), Indiana ($4.04), Louisiana ($4.05), Texas ($4.09), Oklahoma ($4.09), Kansas ($4.11), Arkansas ($4.12), Alabama ($4.17), and South Carolina ($4.17).
Electric
The nation’s top 10 most expensive states for public charging per kilowatt hour are West Virginia (52 cents), Hawaii (51 cents), Alaska (50 cents), Louisiana (47 cents), New Hampshire (46 cents), California (46 cents), New Jersey (45 cents), Illinois (44 cents), Arkansas (44 cents), and South Carolina (44 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), Maryland (33 cents), Iowa (34 cents), Nebraska (34 cents), South Dakota (34 cents), Vermont (35 cents), Delaware (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.
