WASHINGTON — Motorists heading out for the Independence Day holiday weekend are seeing lower prices at the pump, according to AAA.
The national average price for a gallon of regular gasoline fell to $3.83 on Thursday, down nearly 50 cents from a month ago, providing some relief as millions of Americans prepare to travel.
Although prices remain higher than they were a year ago, the national average has dropped significantly since peaking at $4.56 per gallon on May 21, AAA said.
Today’s national average is $3.838 per gallon, compared with $3.918 one week ago, $4.290 one month ago and $3.172 one year ago.
AAA attributed the recent decline to falling crude oil prices, which have dropped into the $60-per-barrel range in recent weeks. Despite the decrease, gasoline prices remain the highest they have been in four years.
According to the U.S. Energy Information Administration, gasoline demand increased last week from 8.77 million barrels per day to 9.13 million barrels per day, while domestic gasoline supplies fell from 216.3 million barrels to 214 million barrels. Gasoline production averaged 10 million barrels per day during the same period.
At the close of trading Wednesday, West Texas Intermediate crude oil fell 92 cents to settle at $68.58 per barrel. U.S. crude oil inventories decreased by 3.8 million barrels and remain about 7% below the five-year average for this time of year.
AAA reported the national average cost to charge an electric vehicle at a public charging station remained unchanged at 41 cents per kilowatt-hour.
Among the states, Hawaii had the nation’s highest average gasoline price at $5.48 per gallon, followed by California at $5.40. Indiana had the lowest average price at $3.12 per gallon, followed by Texas at $3.34.
For public electric vehicle charging, New Jersey ranked among the nation’s most expensive states, with an average cost of 45 cents per kilowatt-hour.
AAA encourages travelers to check current gasoline and EV charging prices along their routes using its TripTik Travel Planner before heading out for the holiday weekend.
