Like a glacier grinding its way to the sea, the national average for a gallon of gas is closing in on the $3 mark, shedding three cents since last week to $3.03. It has been less than a dime away from $3 for over a month as the waffling decline has been agonizingly slow. The last time the national average was below $3 was May 11, 2021. Meanwhile, Thursday, Dec. 5’s national average for a kilowatt of electricity at a public EV charging station remained 34 cents.
“The national average is tantalizingly close to falling below $3 a gallon, and it could happen in a few days,” said Andrew Gross, AAA spokesperson. “But 32 states already have an average below or well below $3. Hockley County, Texas, appears to have the lowest county average, at $2.30.”
According to new data from the Energy Information Administration (EIA), gasoline demand rose slightly from 8.50 million b/d last week to 8.73. Meanwhile, total domestic gasoline stocks rose slightly from 212.2 million barrels to 214.6, while gasoline production decreased last week, averaging 9.5 million barrels per day.
Thursday, Dec. 5’s national average for a gallon of gas is $3.03, seven cents less than a month ago and 19 cents less than a year ago.
Oil Market Dynamics
At the close of Wednesday, Dec. 4’s formal trading session, WTI fell $1.40 to settle at $68.54 a barrel. The EIA reports that crude oil inventories decreased by 5.1 million barrels from the previous week. At 423.4 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.
Quick Gas and Electricity Stats
Gas
The nation’s top 10 most expensive gasoline markets are Hawaii ($4.56), California ($4.39), Washington ($3.99), Nevada ($3.66), Oregon ($3.53), Alaska ($3.46), Washington, DC ($3.22), Pennsylvania ($3.21), Illinois ($3.20) and Arizona ($3.18).
The nation’s top 10 least expensive gasoline markets are Oklahoma ($2.52), Mississippi ($2.62), Texas ($2.63), Arkansas ($2.63), Kansas ($2.67), Missouri ($2.69), Tennessee ($2.70), Iowa ($2.70), Louisiana ($2.73) and Kentucky ($2.74).
Electric
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (21 cents), Missouri (24 cents), Nebraska (25 cents), Delaware (26 cents), Texas (27 cents), Utah (29 cents), North Dakota (29 cents), Vermont (30 cents,) Washington DC (30 cents) and Michigan (31 cents).
The nation’s top 10 most expensive states for public charging per kilowatt hour are Hawaii (56 cents), Montana (45 cents), West Virginia (44 cents), New Hampshire (42 cents), Idaho (42 cents), Arkansas (42 cents), South Carolina (41 cents), Kentucky (41 cents), Alaska (41 cents) and Louisiana (40 cents).
