The following was reported by the American Automobile Association (AAA).
The national average for a gallon of regular gasoline is up 10 cents from last week and one dollar since last month. The line graph below shows the steep rise from $2.98 on February 26 to $3.98 on March 26. Crude oil prices remain high as the Iran conflict nears the 4-week mark. The national average could reach $4/gallon in the coming days for the first time since August 2022. Gasoline demand is also on the rise as spring break season continues, another factor in rising pump prices.
- Thursday, March 26’s National Average: $3.981
- One Week Ago: $3.884
- One Month Ago: $2.983
- One Year Ago: $3.150
According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.72 million b/d to 8.92 million. Total domestic gasoline supply decreased from 244 million barrels to 241.4 million. Gasoline production increased last week, averaging 9.7 million barrels per day.
Oil Market Dynamics
At the close of Wednesday, March 25’s formal trading session, WTI fell $2.03 to settle at $90.32 a barrel. The EIA reports crude oil inventories increased by 6.9 million barrels from the previous week. At 456.2 million barrels, U.S. crude oil inventories are about 0.1% 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 stayed the same this past week at 41 cents.
State Stats
Gas
The nation’s top 10 most expensive gasoline markets are California ($5.84), Hawaii ($5.33), Washington ($5.30), Nevada ($4.86), Oregon ($4.86), Arizona ($4.63), Alaska ($4.57), Idaho ($4.25), Illinois ($4.23), and Utah ($4.16).
The nation’s top 10 least expensive gasoline markets are Oklahoma ($3.25), Kansas ($3.27), Iowa ($3.31), Nebraska ($3.38), Arkansas ($3.39), South Dakota ($3.41), Missouri ($3.42), Minnesota ($3.43), North Dakota ($3.43), and Mississippi ($3.56).
Electric
The nation’s top 10 most expensive states for public charging per kilowatt hour are West Virginia (52 cents), Hawaii (51 cents), Alaska (50 cents), New Hampshire (47 cents), Louisiana (47 cents), South Carolina (46 cents), California (46 cents), New Jersey (45 cents), Arkansas (44 cents), and Idaho (43 cents).
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (29 cents), Missouri (32 cents), Utah (32 cents), Nebraska (33 cents), Iowa (34 cents), Maryland (34 cents), Vermont (34 cents), South Dakota (34 cents), Delaware (36 cents), and New Mexico (36 cents).
