Drivers are getting a bit of relief at the pump as the national average went down by 6 cents since last week to $4.03, according to AAA.
Crude oil prices have come down below $100/barrel, helping drive down the cost of gasoline for consumers. But how long the downward trend will last is uncertain with continued instability along the Strait of Hormuz. Currently, pump prices are the highest they’ve been during this time of year since 2022, when the national average on April 23 was $4.11.
Today’s National Average: $4.031
- One Week Ago: $4.093
- One Month Ago: $3.956
- One Year Ago: $3.172
According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 9.08 million b/d to 9.05 million. Total domestic gasoline supply decreased from 232.9 million barrels to 228.4 million. Gasoline production increased last week, averaging 10.1 million barrels per day.
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose $3.29 to settle at $92.96 a barrel. The EIA reports crude oil inventories increased by 1.9 million barrels from the previous week. At 465.7 million barrels, U.S. crude oil inventories are about 3% above 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 went down by one cent this past week to 40 cents.
State Stats
Gas
The nation’s top 10 most expensive gasoline markets are California ($5.84), Hawaii ($5.65), Washington ($5.39), Oregon ($4.99), Nevada ($4.96), Alaska ($4.66), Arizona ($4.61), Idaho ($4.32), Washington, DC ($4.28), and Illinois ($4.27).
The nation’s top 10 least expensive gasoline markets are Oklahoma ($3.40), Kansas ($3.47), Iowa ($3.50), Georgia ($3.56), Arkansas ($3.56), North Dakota ($3.60), Texas ($3.60), Missouri ($3.61), Nebraska ($3.63), and Minnesota ($3.63).
Electric
The nation’s top 10 most expensive states for public charging per kilowatt hour are West Virginia (53 cents), Hawaii (51 cents), Alaska (50 cents), Louisiana (47 cents), South Carolina (45 cents), Arkansas (44 cents), New Hampshire (43 cents), Idaho (43 cents), California (43 cents), and Alabama (43 cents).
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (25 cents), Maryland (30 cents), Missouri (30 cents), Nebraska (30 cents), Utah (32 cents), Iowa (34 cents), South Dakota (35 cents), Vermont (35 cents), Delaware (36 cents), and Colorado (36 cents).
Drivers can find current gas and electric charging prices along their route using the AAA TripTik Travel planner.
