Drivers across the country are continuing to see steep increases at the gas pump, with the national average price for regular gasoline rising 25 cents for the second consecutive week, according to AAA.
AAA reported Thursday that the national average for a gallon of regular gasoline reached $4.55, marking the highest level since 2022, when prices peaked at $5.01 per gallon.
The national average is now approximately $1.40 higher than it was one year ago, according to the organization.
AAA said gasoline prices continue to face upward pressure because of global supply concerns, even as crude oil prices recently dipped below $100 per barrel amid negotiations related to reopening the Strait of Hormuz.
According to the U.S. Energy Information Administration, gasoline demand fell last week from 9.10 million barrels per day to 8.81 million, while domestic gasoline supplies declined from 222.3 million barrels to 219.8 million barrels.
Gasoline production also decreased, averaging 9.6 million barrels per day last week, AAA said.
At the close of Wednesday’s formal trading session, West Texas Intermediate crude oil fell $7.19 to settle at $95.08 per barrel.
The Energy Information Administration also reported that U.S. crude oil inventories decreased by 2.3 million barrels from the previous week.
California continued to have the nation’s highest average gas price at $6.16 per gallon, followed by Washington at $5.76 and Hawaii at $5.66.
AAA said Oklahoma had the nation’s least expensive gasoline market at $3.98 per gallon.
The national average cost of electricity at public EV charging stations remained unchanged at 41 cents per kilowatt hour.
New Jersey ranked among the nation’s most expensive states for public EV charging, averaging 45 cents per kilowatt hour, according to AAA.
