The following was reported by the American Automobile Association.
Drivers are seeing another sharp increase at the pump, with the national average for a gallon of regular gasoline rising 25 cents for the second consecutive week to $4.55. Pump prices are now $1.40 higher than they were a year ago and have reached their highest level since 2022, when the national average peaked at $5.01 per gallon. While crude oil prices dipped below $100 per barrel amid ongoing negotiations to reopen the Strait of Hormuz, gasoline prices continue to face upward pressure from global supply concerns.
Thursday, May 7’s National Average: $ 4.558
One Week Ago: $4.300
One Month Ago: $ 4.140
One Year Ago: $ 3.154
According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 9.10 million b/d to 8.81 million. Total domestic gasoline supply decreased from 222.3 million barrels to 219.8 million. Gasoline production decreased last week, averaging 9.6 million barrels per day.
Oil Market Dynamics
At the close of Wednesday, May 6’s formal trading session, WTI fell $ 7.19 to settle at $95.08 a barrel. The EIA reports crude oil inventories decreased by 2.3 million barrels from the previous week. At 457.2 million barrels, U.S. crude oil inventories are about 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 remained the same at 41 cents.
State Stats
Gas
The nation’s top 10 most expensive gasoline markets are California ($6.16), Washington ($5.76), Hawaii ($5.66), Oregon ($5.34), Nevada ($5.23), Alaska ($5.21), Illinois ($4.99), Arizona ($4.84), Ohio ($4.78), and Michigan ($4.78).
The nation’s top 10 least expensive gasoline markets are Oklahoma ($3.98), Mississippi ($4.00), Louisiana ($4.02), Arkansas ($4.02), Nebraska ($4.08), Texas ($4.09), Georgia ($4.09), Alabama ($4.10), Kansas ($4.11), and Missouri ($4.16).
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), New Hampshire (47 cents), Louisiana (47 cents), California (46 cents), South Carolina (46 cents), New Jersey (45 cents), Arkansas (44 cents), and Illinois (44 cents).
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (29 cents), Missouri (31 cents), Utah (33 cents), Maryland (33 cents), Nebraska (33 cents), Iowa (34 cents), South Dakota (34 cents), Vermont (35 cents), New Mexico (37 cents), and Delaware (37 cents).
