The national average for a gallon of gas dipped a mere two cents since last week to $3.22. Gas prices had been falling by more than twice as much recently, but the arrival of Hurricane Francine to the Gulf Coast created some temporary issues for nearby oil production and refining. The national average cost for public EV charging, however, held steady.
“Gasoline prices have been plunging lately, and it is not uncommon to see them take a bit of a breather during hurricane season,” said Andrew Gross, AAA spokesperson. “Gasoline demand and oil costs are low, so pump prices may soon resume a slow descent. There are 14 states with averages below $3 a gallon, and several more may soon follow.”
With an estimated 1.2 million AAA members living in households with one or more electric vehicles, AAA tracks the average kilowatt-per-hour cost for all levels of public charging by state. Today’s national average for a kilowatt of electricity at a public charging station is 35 cents.
According to new data from the Energy Information Administration (EIA), gas demand increased slightly last week from 8.47 million b/d to 8.77. Meanwhile, total domestic gasoline stocks remained flat at 221.6 million barrels, while gasoline production increased last week, averaging 9.7 million barrels per day. Lackluster gasoline demand and low oil costs will likely keep pump prices sliding.
Today’s national average for a gallon of gas is $3.22, 19 cents less than a month ago and 66 cents less than a year ago.
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI fell by 28 cents to settle at $70.91 a barrel. The EIA reports that crude oil inventories decreased by 1.6 million barrels from the previous week. At 417.5 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.
Quick Gas and Electricity Stats
Gas
Since last Thursday, these 10 states have seen the largest changes in their averages: Ohio (+10 cents), Washington, D.C. (-9 cents), Maine (-8 cents), New Hampshire (-8 cents), Virginia (-7 cents), New Mexico (-7 cents), Connecticut (-7 cents), Michigan +6 cents), Utah (-6 cents), and Rhode Island (-6 cents).
The nation’s top 10 least expensive gasoline markets are Mississippi ($2.72), Oklahoma ($2.77), Texas ($2.78), Alabama ($2.78), Tennessee ($2.79), South Carolina ($2.79), Louisiana ($2.81), Arkansas ($2.82), Missouri ($2.88) and Kentucky ($2.88).
Electric
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (22 cents), Missouri (24 cents), Delaware (26 cents), Wisconsin (28 cents), Nebraska (29 cents), Texas (29 cents), Michigan (30 cents,) North Dakota (30 cents), Utah (31 cents) and Vermont (31 cents).
The nation’s top 10 most expensive states for public charging per kilowatt hour are Hawaii (57 cents), West Virginia (45 cents), Idaho (43 cents), Arkansas (42 cents), Montana (42 cents), New Hampshire (41 cents), South Dakota (41 cents), Kentucky (41 cents), Tennessee (41 cents) and Alaska (41 cents).
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