The national average price of gasoline slipped slightly this week to $2.92 per gallon, though prices are expected to rise in the coming weeks as spring approaches, according to AAA.
AAA reported Thursday that the average price for a gallon of regular gas fell to $2.929, down from $2.944 a week ago. A month ago, the national average was $2.825, and a year ago it stood at $3.164.
Despite the slight weekly drop, AAA said pump prices are likely to begin their seasonal climb as refineries transition to producing more expensive summer-blend gasoline. Geopolitical tensions, including strained relations between the United States and Iran, could also put upward pressure on crude oil prices.
Gas prices are currently at their lowest level for this time of year since 2021, AAA said.
According to the U.S. Energy Information Administration, gasoline demand increased last week from 8.30 million barrels per day to 8.74 million. Domestic gasoline supply decreased from 259.1 million barrels to 255.8 million, while production rose to an average of 9.4 million barrels per day.
In oil markets, West Texas Intermediate crude rose $2.86 on Wednesday to settle at $65.19 per barrel. Crude oil inventories fell by 9 million barrels to 419.8 million barrels, about 5% below the five-year average for this time of year, the EIA reported.
AAA also reported that the national average cost to charge an electric vehicle at a public charging station increased to 39 cents per kilowatt hour.
California continues to have the highest average gasoline price at $4.59 per gallon, followed by Hawaii at $4.40 and Washington at $4.18. The least expensive gasoline markets include Oklahoma at $2.28, Arkansas at $2.45 and Kansas at $2.46.
For public electric vehicle charging, West Virginia had the highest average cost at 52 cents per kilowatt hour, while Kansas had the lowest at 25 cents, AAA said.
Drivers can find current gas and electric charging prices along their routes using AAA’s TripTik Travel planner.
