Easing oil costs and tepid domestic demand helped pump prices ease up on the pedal, shedding two cents since last week to $3.11. Meanwhile, today’s national average per kilowatt hour of electricity at a public EV charging station remained at 34 cents.
“We are about halfway through winter, so there may be fewer seasonal spikes at the pump,” Andrew Gross, AAA spokesperson. “And on a personal note, this is my final gas update, as I am retiring. But fear not, the AAA Fuel Report will remain in capable hands.”
According to new data from the Energy Information Administration, gasoline demand increased from 8.08 million b/d last week to 8.30. Meanwhile, total domestic gasoline stocks rose from 245.9 million barrels to 248.9, while gasoline production decreased last week, averaging 9.2 million barrels daily.
Today’s national average for a gallon of gas is $3.11, nine cents more than a month ago and one penny less than a year ago.
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI fell $1.15 to settle at $72.62 a barrel. The EIA reports that crude oil inventories increased by 3.5 million barrels from the previous week. At 415.1 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 ($4.55), California ($4.45), Washington ($3.95), Nevada ($3.67), Oregon ($3.55), Pennsylvania ($3.36), Alaska ($3.31), Washington, DC ($3.28), Illinois ($3.27), and Maryland ($3.25).
The nation’s top 10 least expensive gasoline markets are Mississippi ($2.68), Oklahoma ($2.72), Texas ($2.73), Arkansas ($2.76), Louisiana ($2.79), Kentucky ($2.80), South Carolina ($2.81), Alabama ($2.82), Kansas ($2.82), and Tennessee ($2.82).
Electric
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (22 cents), Nebraska (25 cents), Missouri (25 cents), Maryland (26 cents), Delaware (27 cents), Texas (29 cents), Utah (29 cents), Michigan (29 cents), North Dakota (30 cents), and Iowa (31 cents).
The nation’s top 10 most expensive states for public charging per kilowatt hour are Hawaii (55 cents), West Virginia (47 cents), Montana (44 cents), Tennessee (43 cents), Idaho (42 cents), New Hampshire (42 cents), Arkansas (42 cents), South Carolina (41 cents), Kentucky (41 cents), and Alaska (41 cents).
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