The following was reported by the American Automobile Association (AAA).
The summer driving season has one month to go, and so far, so good for drivers filling up their tanks. This past week, the national average for a gallon of regular dropped two cents to $3.14. July comes to an end with a monthly average of $3.15, the same as it was in July 2021, the last time summer gas prices were this low. Crude oil prices have gone up slightly, as gas demand has also risen, but not enough to drive up prices at the pump.
- Thursday, July 31’s National Average: $3.147
- One Week Ago: $3.162
- One Month Ago: $3.185
- One Year Ago: $3.491
According to new data from the Energy Information Administration (EIA), gasoline demand increased from 8.96 million b/d last week to 9.15. Total domestic gasoline supply decreased from 231.1 million barrels to 228.4. Gasoline production increased last week, averaging 10 million barrels per day.
Oil Market Dynamics
At the close of Wednesday, July 30’s formal trading session, WTI rose 79 cents to settle at $70 a barrel. The EIA reports crude oil inventories increased by 7.7 million barrels from the previous week. At 426.7 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 ($4.48), Hawaii ($4.47), Washington ($4.38), Oregon ($3.97), Alaska ($3.75), Nevada ($3.73), Idaho ($3.48), Illinois ($3.44), Utah ($3.38) and Washington, DC.. ($3.32).
The nation’s top 10 least expensive gasoline markets are Mississippi ($2.71), Tennessee ($2.76), Louisiana ($2.77), Oklahoma ($2.77), Texas ($2.78), Arkansas ($2.78), Alabama ($2.78), South Carolina ($2.83), Missouri ($2.84) and Kansas ($2.85).
Electric
The nation’s top 10 most expensive states for public charging per kilowatt hour are West Virginia (52 cents), Alaska (51 cents), Hawaii (46 cents), Tennessee (46 cents), Montana (44 cents), South Carolina (44 cents), Alabama (43 cents), New Hampshire (43 cents), Wisconsin (42 cents) and Arkansas (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), Vermont (33 cents), North Carolina (33 cents), Washington, DC.. (33 cents) and Colorado (33 cents).
