Prices at the pump are coming down even though this is the time of year when gas prices go up. Supply and demand are the main reason for the dip. After OPEC+ announced it’s increasing oil production next month by more than 400,000 barrels a day – much more than expected – the price of crude oil has been falling. Oversupply coupled with tepid gasoline demand is resulting in lower pump prices.
According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 8.49 b/d last week to 8.42. Total domestic gasoline supply decreased from 237.6 million barrels to 236.0. Gasoline production decreased last week, averaging 8.9 million barrels per day.
- Today’s National Average: $3.22
- One Month Ago: $3.08
- One Year Ago: $3.61
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose $2.77 to settle at $62.35 a barrel. The EIA reports that crude oil inventories increased by 2.6 million barrels from the previous week. At 442.3 million barrels, U.S. crude oil inventories are about 5% 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 34 cents.
State Stats
Gas
The nation’s top 10 most expensive gasoline markets are California ($4.92), Hawaii ($4.52), Washington ($4.38), Oregon ($4.00), Nevada ($3.97), Alaska ($3.65), Illinois ($3.46), Arizona ($3.39), Pennsylvania ($3.38), and Idaho ($3.35).
The nation’s top 10 least expensive gasoline markets are Mississippi ($2.73), Tennessee ($2.75), Oklahoma ($2.77), Louisiana ($2.81), South Carolina ($2.81), Texas ($2.82), Kentucky ($2.84), Alabama ($2.84), Arkansas ($2.84), and Kansas ($2.87).
Electric
The nation’s top 10 most expensive states for public charging per kilowatt hour are Hawaii (56 cents), West Virginia (47 cents), Montana (45 cents), South Carolina (43 cents), Tennessee (42 cents), Idaho (41 cents), Kentucky (41 cents), Alaska (40 cents), Louisiana (40 cents), and New Hampshire (40 cents).
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (22 cents), Missouri (25 cents), Iowa (26 cents), North Dakota (26 cents), Nebraska (27 cents), Delaware (27 cents), South Dakota (28 cents), Utah (29 cents), Texas (29 cents), and Maryland (30 cents).
Like Newport Buzz? We depend on the generosity of readers like you who support us, to help with our mission to keep you informed and entertained with local, independent news and content. We truly appreciate your trust and support!
