With Spring Break in full swing, drivers are paying more at the pump compared to last week. The national average for a gallon of gas went up 3 cents since last Thursday to $3.15. Gas prices typically start going up this time of year and peak during summer. But the national average is still about 40 cents lower than last year, due to tepid gasoline demand and weak crude oil prices.
According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 8.81 b/d last week to 8.64. Total domestic gasoline supply decreased from 240.6 million barrels to 239.1. Gasoline production decreased last week, averaging 9.2 million barrels per day.
Today’s national average for a gallon of gas is $3.15, 3 cents higher than a month ago and 38 cents lower than a year ago.
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose 65 cents to settle at $69.65 a barrel. The EIA reports that crude oil inventories decreased by 3.3 million barrels from the previous week. At 433.6 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 ($4.66), Hawaii ($4.52), Washington ($4.13), Nevada ($3.77), Oregon ($3.76), Illinois ($3.44), Alaska ($3.40), Arizona ($3.33), Idaho ($3.32), and Pennsylvania ($3.25).
The nation’s top 10 least expensive gasoline markets are Mississippi ($2.68), Oklahoma ($2.72), Louisiana ($2.75), Texas ($2.76), Alabama ($2.77), Tennessee ($2.81), South Carolina ($2.81), Kentucky ($2.82), Kansas ($2.83), and Arkansas ($2.83).
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), South Carolina (42 cents), Tennessee (42 cents), Idaho (42 cents), Alaska (41 cents), Kentucky (41 cents), New Hampshire (40 cents), and Louisiana (39 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), Iowa (26 cents), North Dakota (26 cents), Delaware (27 cents), Michigan (29 cents), Texas (29 cents), Utah (29 cents), and Washington, DC (30 cents).
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