Gas prices continued to rise nationwide this week, with the average cost for a gallon of regular fuel increasing to $4.16, according to AAA.
The national average rose 8 cents from last week and now matches levels last seen in early August 2022. Prices have surged from $3.48 a month ago and $3.23 a year ago.
AAA said the increase comes as crude oil prices remain elevated and volatile, influenced in part by geopolitical developments, including a recently announced two-week ceasefire between the United States and Iran.
Crude prices briefly dropped below $100 per barrel before rising again, underscoring the instability of global oil markets.
According to the U.S. Energy Information Administration, gasoline demand declined slightly last week, falling from 8.68 million barrels per day to 8.56 million. Total domestic gasoline supply also decreased, while production dropped to an average of 9.4 million barrels per day.
At the close of formal trading Wednesday, West Texas Intermediate crude fell $18.54 to settle at $94.41 per barrel. U.S. crude inventories increased by 3.1 million barrels and remain about 2% above the five-year average for this time of year.
Gas prices vary widely across the country. California continues to have the highest average at $5.92 per gallon, followed by Hawaii at $5.63 and Washington at $5.40. Meanwhile, Oklahoma and Kansas have some of the lowest prices, at $3.47 and $3.48, respectively.
For electric vehicle drivers, the national average cost at public charging stations remained unchanged at 41 cents per kilowatt hour.
New Jersey ranks among the more expensive states for EV charging, with an average cost of 45 cents per kilowatt hour.
AAA advises drivers to monitor fuel prices and plan ahead using tools such as its TripTik Travel planner to find the most cost-effective options along their routes.
