As spring break travel winds down, gas prices are following suit, down five cents since last week. Softer demand is fueling this downward trend, and with crude as low as it’s been in a few years, drivers may continue to see lower pump prices as summer approaches.
- Today’s National Average: $3.167
- One Week Ago: $3.222
- One Month Ago: $3.078
- One Year Ago: $3.660
According to new data from the Energy Information Administration (EIA), gasoline demand increased slightly from 8.42 b/d last week to 8.46 b/d. Total domestic gasoline supply decreased from 236.0 million barrels to 234.0. Gasoline production increased last week, averaging 9.4 million barrels per day.
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose $1.14 to settle at $62.47 a barrel. The EIA reports that crude oil inventories increased by 0.5 million barrels from the previous week. At 442.9 million barrels, U.S. crude oil inventories are about 6% 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 ($4.85), Hawaii ($4.51), Washington ($4.33), Oregon ($3.96), Nevada ($3.91), Alaska ($3.65), Illinois ($3.39), Arizona ($3.36), Pennsylvania ($3.36), and Idaho ($3.34).
The nation’s top 10 least expensive gasoline markets are Mississippi ($2.70), Tennessee ($2.70), Texas ($2.73), Oklahoma ($2.73), South Carolina ($2.74), Louisiana ($2.76), Kentucky ($2.78), Alabama ($2.78), Arkansas ($2.79), and Kansas ($2.84).
Electric
The nation’s top 10 most expensive states for public charging per kilowatt hour are Hawaii (55 cents), Alaska (47 cents), West Virginia (47 cents), Montana (45 cents), South Carolina (43 cents), Tennessee (42 cents), Idaho (41 cents), Kentucky (41 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), Delaware (27 cents), Nebraska (28 cents), Utah (29 cents), Texas (30 cents), Maryland (30 cents), and Vermont (31 cents).
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