The national average price for a gallon of regular gasoline has dropped below $3 for the first time in four years, holding steady at $2.99 since Tuesday, according to AAA.
The last time the national average reached $3.00 or less was in May 2021. AAA says the decline is being driven by lower crude oil prices — hovering around $60 a barrel — as well as sluggish gas demand and the seasonal switch to cheaper winter-blend gasoline.
Thursday’s national average was $2.991, compared with $3.026 a week ago, $3.053 a month ago and $3.033 this time last year.
According to the Energy Information Administration (EIA), gasoline demand fell last week from 8.72 million barrels per day (b/d) to 8.32 million b/d, while total domestic gasoline supply rose from 209.9 million barrels to 214.4 million barrels. Gasoline production increased to an average of 9.8 million barrels per day.
Oil Market Overview
At the close of Wednesday’s trading session, West Texas Intermediate crude rose 31 cents to settle at $58.95 a barrel. The EIA reported U.S. crude inventories increased by 0.6 million barrels. At 427.5 million barrels, inventories sit about 3% below the five-year seasonal average.
EV Charging Costs
The national average price for public electric vehicle charging remained unchanged this week at 38 cents per kilowatt hour.
State Gas Price Rankings
The nation’s most expensive gas markets are:
California ($4.51), Hawaii ($4.44), Washington ($4.14), Oregon ($3.75), Nevada ($3.68), Alaska ($3.68), Arizona ($3.27), Washington, D.C. ($3.20), Pennsylvania ($3.20) and Idaho ($3.19).
The least expensive gas markets are:
Oklahoma ($2.40), Texas ($2.53), Arkansas ($2.55), Colorado ($2.56), Mississippi ($2.57), Tennessee ($2.58), Louisiana ($2.60), Iowa ($2.63), Wisconsin ($2.63) and Missouri ($2.64).
State EV Charging Rankings
The most expensive states for public EV charging per kilowatt hour are:
West Virginia (52 cents), Alaska (48 cents), Hawaii (48 cents), Louisiana (44 cents), New Hampshire (44 cents), South Carolina (44 cents), New Jersey (43 cents), Alabama (42 cents), Tennessee (42 cents) and California (41 cents).
The least expensive charging markets are:
Kansas (25 cents), Wyoming (26 cents), Missouri (28 cents), Nebraska (29 cents), Utah (31 cents), Vermont (31 cents), Iowa (32 cents), Maryland (32 cents), Delaware (33 cents) and New Mexico (33 cents).
Drivers can find current fuel and charging prices along their routes by using the AAA TripTik Travel Planner.
