After weeks of steady declines, gasoline prices are beginning to climb again as uncertainty surrounding the future of the ceasefire between the United States and Iran continues to influence global oil markets, according to AAA.
The national average price for a gallon of regular gasoline increased 5 cents overnight to $3.84, ending a downward trend that began in late May.
AAA said crude oil prices remain in the low $70-per-barrel range but could increase further if instability continues along the Strait of Hormuz, a critical global oil shipping route.
Despite the recent increase, gas prices remain well below this spring’s high of $4.56 per gallon, reached on May 21.
As of Thursday, the national average stood at $3.846 per gallon, compared with $3.838 one week ago, $4.161 one month ago and $3.163 one year ago.
According to the U.S. Energy Information Administration, gasoline demand declined last week from 9.13 million barrels per day to 8.84 million barrels per day. Domestic gasoline inventories also fell from 214 million barrels to 212.1 million barrels, while gasoline production averaged 9.7 million barrels per day.
At Wednesday’s close of trading, West Texas Intermediate crude oil rose $3.08 to settle at $73.52 per barrel. The Energy Information Administration reported U.S. crude oil inventories increased by 3 million barrels to 411.4 million barrels, about 6% below the five-year average for this time of year.
AAA reported Hawaii continued to have the nation’s highest average gasoline price at $5.46 per gallon, followed by California at $5.38. Indiana had the nation’s lowest average at $3.21 per gallon.
The national average price for electricity at public EV charging stations also increased, rising 1 cent over the past week to 42 cents per kilowatt-hour.
Among the most expensive states for public EV charging, New Jersey ranked tied for seventh at 45 cents per kilowatt-hour, according to AAA.
Drivers can find current gasoline and public EV charging prices using the AAA TripTik Travel Planner.
