The national average price for a gallon of regular gasoline climbed 10 cents over the past week to $3.94, edging closer to the $4 mark as instability in the Strait of Hormuz continues to put upward pressure on crude oil prices, according to AAA.
The national average reached $3.943 on Thursday, up from $3.846 one week ago. Despite the increase, most states continue to average less than $4 per gallon. The last time the national average was at or above $4 was June 17, when it stood at $4.02.
AAA said concerns over instability in the Strait of Hormuz have helped push crude oil prices toward $80 per barrel, contributing to higher prices at the pump.
According to the U.S. Energy Information Administration, gasoline demand remained steady at 8.84 million barrels per day last week. Domestic gasoline inventories declined from 212.1 million barrels to 210.5 million, while gasoline production averaged 9.6 million barrels per day.
West Texas Intermediate crude oil settled Wednesday at $79.60 per barrel, up 26 cents. The Energy Information Administration reported U.S. crude oil inventories fell by 1.7 million barrels and remain about 6% below the five-year average for this time of year.
Hawaii continued to have the nation’s highest average gas price at $5.43 per gallon, followed by California at $5.40 and Washington at $4.98. Indiana had the nation’s lowest average at $3.31 per gallon, followed by Mississippi at $3.49 and Louisiana at $3.53.
For electric vehicle drivers, the national average price at public charging stations remained unchanged at 42 cents per kilowatt-hour. New Jersey ranked among the nation’s most expensive states for public charging, averaging 45 cents per kilowatt-hour, while Kansas had the lowest average at 30 cents.
