Gas prices made a bigger jump this past week, with the national average for a gallon of regular going up by more than 10 cents to $3.26. Several factors are driving the increase, including refinery maintenance and summer-blend gasoline switch. The last time the national average reached $3.26 was back in September, consistent with seasonal shifts, but current prices remain below what they were this time last year.
Today’s National Average: $3.26
One Month Ago: $3.09
One Year Ago: $3.54
According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 8.64 b/d last week to 8.49. Total domestic gasoline supply decreased from 239.1 million barrels to 237.6. Gasoline production increased last week, averaging 9.3 million barrels per day.
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose 51 cents to settle at $71.71 a barrel. The EIA reports that crude oil inventories increased by 6.2 million barrels from the previous week. At 439.8 million barrels, U.S. crude oil inventories are about 4% 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 ($4.91), Hawaii ($4.52), Washington ($4.30), Nevada ($3.99), Oregon ($3.93), Alaska ($3.53), Illinois ($3.52), Arizona ($3.42), Idaho ($3.38), and Pennsylvania ($3.37).
The nation’s top 10 least expensive gasoline markets are Mississippi ($2.74), Tennessee ($2.80), Oklahoma ($2.81), Louisiana ($2.82), Alabama ($2.85), Texas ($2.87), Arkansas ($2.87), Kansas ($2.87), South Carolina ($2.87), and Kentucky ($2.89).
Electric
The nation’s top 10 most expensive states for public charging per kilowatt hour are Hawaii (56 cents), West Virginia (46 cents), Montana (44 cents), Tennessee (42 cents), South Carolina (42 cents), Idaho (42 cents), Alaska (41 cents), Kentucky (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), Texas (29 cents), Washington, DC (30 cents), Utah (30 cents), and Maryland (30 cents).
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