Drivers are seeing some relief at the pump as gasoline prices have fallen for three consecutive weeks, according to AAA.
The national average price for a gallon of regular gasoline dropped to $4.129 as of June 11, down from $4.241 a week ago and $4.520 a month ago. AAA said the decline comes as crude oil prices have remained below $100 per barrel.
Since May 21, the national average has fallen from $4.56 per gallon to $4.12.
Gas prices typically reach their annual peak around this time of year as summer travel increases. However, AAA noted that uncertainty surrounding the Strait of Hormuz could affect oil markets and fuel prices in the weeks ahead.
Despite the recent decline, gasoline prices remain at four-year highs. The current national average remains below the record $5-per-gallon average set on June 11, 2022.
According to the U.S. Energy Information Administration, gasoline demand increased last week from 8.59 million barrels per day to 8.73 million barrels per day. Domestic gasoline supplies rose slightly from 215 million barrels to 215.1 million barrels, while gasoline production averaged 9.7 million barrels per day.
Oil prices also moved higher. West Texas Intermediate crude oil rose $1.83 on Wednesday to settle at $90.03 per barrel. The EIA reported that U.S. crude oil inventories fell by 7.2 million barrels and remain about 5% below the five-year average for this time of year.
AAA also reported that the national average cost of electricity at public EV charging stations increased by 1 cent over the past week to 42 cents per kilowatt hour.
California had the nation’s highest average gasoline price at $5.80 per gallon, followed by Hawaii at $5.58 and Washington at $5.56. Indiana had the lowest average price at $3.39 per gallon, followed by Texas at $3.58 and Oklahoma at $3.61.
For electric vehicle charging, New Jersey ranked among the nation’s most expensive states, with an average public charging cost of 45 cents per kilowatt hour.
AAA said drivers can find current gasoline and EV charging prices using its TripTik Travel Planner.
