The following was reported by the American Automobile Association (AAA).
The summer driving season is underway, and while gas prices normally peak this time of year, drivers are getting a reprieve. The national average for a gallon of regular is $3.14, down two cents from last week. Pump prices are 36 cents cheaper than last June, thanks to this year’s consistently low crude oil prices. Currently, oil supply in the market is outweighing demand. June gas prices haven’t been this low since 2021.
- Thursday, June 5’s National Average: $3.146
- One Week Ago: $3.166
- One Month Ago: $3.165
- One Year Ago: $3.502
According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 9.45 million b/d last week to 8.26. Total domestic gasoline supply increased from 223.1 million barrels to 228.3. Gasoline production decreased last week, averaging 9 million barrels per day.
Oil Market Dynamics
At the close of Wednesday, June 4’s formal trading session, WTI fell 56 cents to settle at $62.85 a barrel. The EIA reports that crude oil inventories decreased by 4.3 million barrels from the previous week. At 436.1 million barrels, U.S. crude oil inventories are about 7% 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 36 cents.
State Stats
Gas
The nation’s top 10 most expensive gasoline markets are California ($4.73), Hawaii ($4.47), Washington ($4.38), Oregon ($3.98), Nevada ($3.84), Alaska ($3.65), Illinois ($3.36), Idaho ($3.31), Utah ($3.30) and Arizona ($3.30).
The nation’s top 10 least expensive gasoline markets are Mississippi ($2.64), Louisiana ($2.72), Tennessee ($2.72), Alabama ($2.73), Oklahoma ($2.75), Texas ($2.75), Arkansas ($2.76), South Carolina ($2.77), Kentucky ($2.82) and North Carolina ($2.83).
Electric
The nation’s top 10 most expensive states for public charging per kilowatt hour are Alaska (50 cents), West Virginia (50 cents), Tennessee (48 cents), Hawaii (46 cents), Montana (45 cents), Louisiana (44 cents), South Carolina (43 cents), New Hampshire (42 cents), Kentucky (42 cents) and Arkansas (42 cents).
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (25 cents), Missouri (27 cents), Maryland (28 cents), Delaware (30 cents), Nebraska (30 cents), Utah (30 cents), Iowa (32 cents), New Mexico (32 cents), Massachusetts (33 cents) and Colorado (33 cents).
Drivers can find current gas and electric charging prices along their route using the AAA TripTik Travel planner.
