The national average for a gallon of regular gasoline is the same as it was last week: $4.09, AAA reported. Crude oil prices remain in the $80 per barrel range as instability lingers along the Strait of Hormuz. Gas prices are nearly a dollar higher than they were this time last year. Typically, August brings some relief at the pump as road trips wind down and fall routines get underway for many families. But elevated crude oil prices could prevent that seasonal shift from starting just yet.
- Thursday, July 30’s National Average: $4.098
- One Week Ago: $4.091
- One Month Ago: $3.847
- One Year Ago: $3.140
According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.94 million to 9.04 million. Total domestic gasoline supply remained flat at 211.3 million. Gasoline production increased last week, averaging 9.9 million barrels per day.
Oil Market Dynamics
At the close of Wednesday, July 29’s formal trading session, WTI rose $5.20 to settle at $84.46 a barrel. The EIA reports that crude oil inventories decreased by 7.2 million barrels from the previous week. At 404.5 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 42 cents.
State Stats
Gas
The nation’s top 10 most expensive gasoline markets are California ($5.64), Hawaii ($5.46), Washington ($5.11), Nevada ($4.81), Alaska ($4.73), Oregon ($4.64), Arizona ($4.42), Illinois ($4.34), Idaho ($4.30), and Montana ($4.28).
The nation’s top 10 least expensive gasoline markets are Indiana ($3.56), Texas ($3.64), Mississippi ($3.66), Louisiana ($3.68), Tennessee ($3.70), South Carolina ($3.71), Kentucky ($3.72), Oklahoma ($3.75), Alabama ($3.76), and North Carolina ($3.76).
Electric
The nation’s top 10 most expensive states for public charging per kilowatt hour are West Virginia (52 cents), Hawaii (51 cents), Alaska (49 cents), California (47 cents), New Hampshire (47 cents), Louisiana (46 cents), New Jersey (45 cents), Illinois (45 cents), Arkansas (45 cents), and North Dakota (44 cents).
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (30 cents), Missouri (32 cents), Iowa (33 cents), Utah (34 cents), Maryland (34 cents), South Dakota (35 cents), Nebraska (35 cents), Vermont (36 cents), New Mexico (37 cents), and Minnesota (38 cents).
