The following was reported by the American Automobile Association (AAA).
The national average for a gallon of regular saw few changes over the past week, going up slightly to $3.18. Even though this is the time of year when we typically see seasonal increases and rising demand, the price of crude oil has been plunging. A couple of factors are at play: economic concerns and the decision by OPEC+ (the group of oil-producing countries) to increase output and add more oil to the market, despite tepid demand. The lower the price of oil, the less drivers pay at the pump. The national average is almost 50 cents less than it was this time last year.
- Thursday, May 1’s National Average: $3.186
- One Week Ago: $3.171
- One Month Ago: $3.201
- One Year Ago: $3.662
According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 9.41 b/d last week to 9.09. Total domestic gasoline supply decreased from 229.5 million barrels to 225.5. Gasoline production decreased last week, averaging 9.5 million barrels per day.
Oil Market Dynamics
At the close of Wednesday, April 30’s formal trading session, WTI fell $2.21 to settle at $58.21 a barrel. The EIA reports that crude oil inventories decreased by 2.7 million barrels from the previous week. At 440.4 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 stayed the same this past week at 34 cents.
State Stats
Gas
The nation’s top 10 most expensive gasoline markets are California ($4.77), Hawaii ($4.50), Washington ($4.26), Oregon ($3.90), Nevada ($3.84), Alaska ($3.62), Illinois ($3.40), Pennsylvania ($3.35), Idaho ($3.31) and Utah ($3.31).
The nation’s top 10 least expensive gasoline markets are Mississippi ($2.66), Louisiana ($2.73), Tennessee ($2.74), Alabama ($2.76), Texas ($2.76), Arkansas ($2.78), Oklahoma ($2.80), South Carolina ($2.82), Kansas ($2.85) and Missouri ($2.85).
Electric
The nation’s top 10 most expensive states for public charging per kilowatt hour are Hawaii (55 cents), Alaska (47 cents), West Virginia (47 cents), Montana (44 cents), South Carolina (43 cents), Louisiana (43 cents), Tennessee (43 cents), Kentucky (42 cents), Idaho (42 cents) and Georgia (40 cents).
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (22 cents), Missouri (25 cents), Iowa (27 cents), Delaware (27 cents), Nebraska (29 cents), Utah (29 cents), Texas (30 cents), Maryland (30 cents), Vermont (30 cents) and North Carolina (31 cents).
