The following was reported by the American Automobile Association (AAA).
Will it, or won’t it? The national average for a gallon of regular gasoline could reach the 3-dollar mark for the first time in 4 years. Since last week, the national average has dropped more than 5 cents to $3.05. Several factors are behind the drop, including falling crude oil prices, lower gasoline demand and cheaper winter-blend gasoline at the pump. The tropics have been relatively quiet, and storm activity hasn’t had an impact on gas prices.
- Thursday, Oct. 16’s National Average: $3.057
- One Week Ago: $3.110
- One Month Ago: $3.186
- One Year Ago: $3.203
According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 8.91 million b/d last week to 8.45 million. Total domestic gasoline supply decreased from 219.1 million barrels to 218.8 million. Gasoline production decreased last week, averaging 9.4 million barrels per day.
Oil Market Dynamics
At the close of Wednesday, Oct. 15’s formal trading session, WTI fell 43 cents to settle at $58.27 a barrel. The EIA reports crude oil inventories increased by 3.5 million barrels from the previous week. At 423.8 million barrels, U.S. crude oil inventories are about 4% 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 ($4.64), Hawaii ($4.48), Washington ($4.44), Oregon ($4.05), Nevada ($3.87), Alaska ($3.86), Idaho ($3.45), Arizona ($3.43), Utah ($3.37) and Pennsylvania ($3.23).
The nation’s top 10 least expensive gasoline markets are Oklahoma ($2.56), Arkansas ($2.63), Texas ($2.64), Mississippi ($2.64), Wisconsin ($2.65), Louisiana ($2.67), Ohio ($2.67), Kentucky ($2.68), Missouri ($2.70) and Tennessee ($2.72).
Electric
The nation’s top 10 most expensive states for public charging per kilowatt hour are West Virginia (53 cents), Alaska (50 cents), Hawaii (47 cents), South Carolina (44 cents), Alabama (43 cents), New Hampshire (43 cents), Arkansas (43 cents), Louisiana (42 cents), Montana (42 cents) and Tennessee (42 cents).
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (26 cents), Maryland (28 cents), Missouri (28 cents), Nebraska (28 cents), Utah (28 cents), Vermont (32 cents), Delaware (32 cents), North Carolina (32 cents), Colorado (33 cents) and Iowa (33 cents).
