The following was reported by the American Automobile Association (AAA).
Gas prices fluctuated slightly this past week with the national average for a gallon of regular going up by two cents to $3.16. Crude oil prices are hanging in the mid $60s per barrel, keeping pump prices steady. Supply remains abundant, as OPEC + – a group of oil producing countries – recently announced it will be boosting production again next month, following several other increases this year.
- Thursday, Aug. 7’s National Average: $3.166
- One Week Ago: $3.147
- One Month Ago: $3.143
- One Year Ago: $3.459
According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 9.15 million b/d last week to 9.04. Total domestic gasoline supply decreased from 228.4 million barrels to 227.1. Gasoline production decreased last week, averaging 9.8 million barrels per day.
Oil Market Dynamics
At the close of Wednesday, Aug. 6’s formal trading session, WTI fell 81 cents to settle at $64.35 a barrel. The EIA reports crude oil inventories decreased by 3 million barrels from the previous week. At 423.7 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 36 cents.
State Stats
Gas
The nation’s top 10 most expensive gasoline markets are California ($4.49), Hawaii ($4.46), Washington ($4.40), Oregon ($3.98), Alaska ($3.76), Nevada ($3.74), Idaho ($3.54), Illinois ($3.41), Utah ($3.38) and Washington, D.C. ($3.32).
The nation’s top 10 least expensive gasoline markets are Mississippi ($2.71), Texas ($2.75), Oklahoma ($2.76), Louisiana ($2.78), Tennessee ($2.80), Alabama ($2.80), Arkansas ($2.81), South Carolina ($2.83), Kansas ($2.86) and Missouri ($2.86).
Electric
The nation’s top 10 most expensive states for public charging per kilowatt hour are West Virginia (52 cents), Alaska (51 cents), Tennessee (46 cents), Hawaii (46 cents), South Carolina (44 cents), Montana (43 cents), New Hampshire (43 cents), Alabama (43 cents), Arkansas (42 cents) and Louisiana (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), Utah (28 cents), Nebraska (29 cents), Delaware (32 cents), North Carolina (33 cents), Vermont (33 cents), Colorado (33 cents) and Washington, D.C. (33 cents).
