Despite increased demand, gas prices dipped lower this week, with today’s national average at $3.07 per gallon, about 3 cents lower than a week ago. This drop at the pump comes as many travelers gear up to hit the road for spring break and drivers may be surprised to find gas under $3 in 31 states.
The national average per kilowatt hour of electricity at a public EV charging station remains the same at 34 cents.
According to new data from the Energy Information Administration (EIA), gasoline demand increased from 8.87 million b/d last week to 9.18. Total domestic gasoline supply decreased from 246.8 million barrels to 241.1, leaving them slightly below seasonal averages. Gasoline production also decreased last week, averaging 9.6 million barrels per day.
Today’s national average for a gallon of gas is $3.07, about 8 cents lower than a month ago and 31 cents less than a year ago.
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI increased $1.43 to settle at $67.68 a barrel. The EIA reports that crude oil inventories decreased by 1.4 million barrels from the previous week. At 435.2 million barrels, U.S. crude oil inventories are about 5% 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 California ($4.66), Hawaii ($4.54), Washington ($4.08), Nevada ($3.74), Oregon ($3.71), Alaska ($3.40), Arizona ($3.35), Illinois ($3.25), Pennsylvania ($3.23), and Idaho ($3.19).
The nation’s top 10 least expensive gasoline markets are Mississippi ($2.64), Texas ($2.66), Kentucky ($2.68), Oklahoma ($2.71), Louisiana ($2.72), Tennessee ($2.73), Arkansas ($2.78), Alabama ($2.75), South Carolina ($2.76) and North Carolina ($2.78).
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), Idaho (43 cents), South Carolina (42 cents), Tennessee (42 cents), Arkansas (42 cents), New Hampshire (42 cents), Kentucky (41 cents), and Alaska (41 cents).
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (22 cents), Missouri (25 cents), Nebraska (26 cents), Delaware (29 cents), Iowa (29 cents), Michigan (29 cents), North Dakota (30 cents), Utah (30 cents), and Texas (30 cents).
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