Drivers are seeing some relief at the pump as the national average price for gasoline dropped 6 cents over the past week, according to AAA.
The average price for a gallon of regular gas now stands at $4.03, down from $4.09 a week ago. Despite the decline, prices remain higher than this time last year and are the highest for this point in the year since 2022.
AAA said the recent decrease is tied in part to lower crude oil prices, which have fallen below $100 per barrel. However, officials noted that continued instability in the Strait of Hormuz could impact future prices.
Data from the U.S. Energy Information Administration shows gasoline demand dipped slightly last week, while domestic supply also declined. At the same time, gasoline production increased, averaging 10.1 million barrels per day.
Crude oil prices rose during midweek trading, with West Texas Intermediate settling at $92.96 per barrel. U.S. crude inventories increased by 1.9 million barrels and remain about 3% above the five-year average for this time of year.
Electric vehicle charging costs also saw a slight decrease, with the national average dropping one cent to 40 cents per kilowatt hour at public charging stations.
Gas prices vary widely by region. The most expensive markets include California, Hawaii and Washington state, while the least expensive include Oklahoma, Kansas and Iowa.
AAA said drivers can monitor current fuel and charging prices using its TripTik travel planning tool.
