Going nowhere fast is an apt description of the national average for a gallon of gas, which shed less than a penny since last week to reach $3.02. It has been close to the $3 level for five weeks yet faces stubborn resistance. Meanwhile, today’s national average per kilowatt hour of electricity at a public EV charging station remained at 34 cents.
“I’d like to say that the national average will fall under $3 soon, but now I’m not so confident,” said Andrew Gross, AAA spokesperson. “It appears to be stuck despite low demand and cheaper oil. But 31 states already have an average below $3.”
According to new data from the Energy Information Administration (EIA), gasoline demand rose just a bit from 8.73 million b/d last week to 8.81, about 50,000 b/d lower than the same week in 2023. Meanwhile, total domestic gasoline stocks rose from 214.6 million barrels to 219.7, while gasoline production increased last week, averaging 10.0 million barrels daily.
Meanwhile, the EIA reports that combined sales of hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles reached a record 21.2% in Q3 of 2024.
Today’s national average for a gallon of gas is $3.02, five cents less than a month ago and 11 cents less than a year ago.
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose $1.70 to settle at $70.29 a barrel. The EIA reports that crude oil inventories decreased by 1.4 million barrels from the previous week. At 422.0 million barrels, U.S. crude oil inventories are about 6% 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 ($4.34), Washington ($3.94), Nevada ($3.62), Oregon ($3.48), Alaska ($3.39), Pennsylvania ($3.25), Illinois ($3.23), Washington, DC ($3.22), and Arizona ($3.14).
The nation’s top 10 least expensive gasoline markets are Oklahoma ($2.52), Texas ($2.57), Mississippi ($2.59), Arkansas ($2.60), Tennessee ($2.64), Kansas ($2.66), Missouri ($2.66), Louisiana ($2.69), Iowa ($2.69), and Alabama ($2.71).
Electric
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (22 cents), Missouri (24 cents), Nebraska (24 cents), Delaware (26 cents), Texas (27 cents), Washington, DC (29 cents), North Dakota (29 cents), Utah (29 cents) Michigan (30 cents), and Vermont (30 cents).
The nation’s top 10 most expensive states for public charging per kilowatt hour are Hawaii (57 cents), Montana (45 cents), West Virginia (44 cents), New Hampshire (42 cents), Idaho (42 cents), Arkansas (42 cents), Kentucky (41 cents), South Carolina (41 cents), Alaska (41 cents), and Louisiana (41 cents).
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