With crude oil prices lingering in the low $60s per barrel, drivers are reaping the benefits at the pump. The national average is down about 3 cents from last week, returning to what it was a month ago: $3.16, according to AAA
While fuel prices are expected to remain on the lower side compared to last summer, weather is the wild card. The Atlantic hurricane season begins Sunday, and NOAA predicts a 60% chance of an above-normal season. Storms along the Gulf Coast can affect oil refineries and disrupt fuel deliveries, leading to a temporary increase in gas prices, AAA said.
Here’s a look at the recent national averages:
- Today’s National Average: $3.166
- One Week Ago: $3.195
- One Month Ago: $3.160
- One Year Ago: $3.574
According to new data from the Energy Information Administration (EIA), gasoline demand increased from 8.64 million b/d last week to 9.45. Total domestic gasoline supply decreased from 225.5 million barrels to 223.1. Gasoline production increased last week, averaging 9.8 million barrels per day.
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI increased 95 cents to settle at $61.84 a barrel. The EIA reports that crude oil inventories decreased by 2.8 million barrels from the previous week. At 440.4 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year.
EV Charging
The national average per kilowatt hour of electricity at a public EV charging station stayed the same this past week at 36 cents.
Gas
The nation’s top 10 most expensive gasoline markets are California ($4.81), Hawaii ($4.48), Washington ($4.42), Oregon ($4.02), Nevada ($3.90), Alaska ($3.66), Illinois ($3.39), Idaho ($3.34), Arizona ($3.33), and Utah ($3.31).
The nation’s top 10 least expensive gasoline markets are Mississippi ($2.65), Louisiana ($2.72), Tennessee ($2.72), Alabama ($2.74), Texas ($2.75), Arkansas ($2.80), South Carolina ($2.82), North Carolina ($2,837), Missouri ($2.86), and Kentucky ($2.875).
Electric
The nation’s top 10 most expensive states for public charging per kilowatt hour are Alaska (51 cents), West Virginia (49 cents), Tennessee (48 cents), Hawaii (46 cents), Montana (45 cents), Louisiana (44 cents), New Hampshire (42 cents), South Carolina (42 cents), Arkansas (42 cents), and Kentucky (42 cents).
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (25 cents), Missouri (27 cents), Maryland (28 cents), Delaware (29 cents), Nebraska (30 cents), Utah (30 cents), Iowa (32 cents), Massachusetts (33 cents), New Mexico (33 cents), and District of Columbia (33 cents).
Drivers can find current gas and electric charging prices along their route using the AAA TripTik Travel planner.
