The national average price for a gallon of regular gasoline climbed 15 cents over the past week to $4.09 as rising crude oil prices continue to drive up costs at the pump, according to AAA.
The national average reached $4.091 on Thursday, up from $3.943 one week ago and $3.926 one month ago. A year ago, the national average stood at $3.155.
AAA attributed the increase to higher crude oil prices fueled by volatility surrounding the Strait of Hormuz and instability in the region, which have pushed crude oil prices into the $90-per-barrel range. The organization said those conditions could continue driving higher fuel prices through the second half of the summer.
According to the U.S. Energy Information Administration, gasoline demand increased from 8.84 million barrels per day to 8.94 million barrels per day last week. Domestic gasoline supplies also rose from 210.5 million barrels to 211.3 million barrels, while gasoline production averaged 9.7 million barrels per day.
At the close of Wednesday’s formal trading session, West Texas Intermediate crude oil rose $2.49 to settle at $86.83 per barrel. The Energy Information Administration reported U.S. crude oil inventories increased by 2 million barrels to 411.7 million barrels, about 6% below the five-year average for this time of year.
California continued to have the nation’s highest average gasoline price at $5.57 per gallon, followed by Hawaii at $5.42 and Washington at $5.07. Indiana had the nation’s lowest average at $3.53 per gallon, followed by Mississippi at $3.64 and Louisiana at $3.67.
The national average cost to charge an electric vehicle at a public charging station remained unchanged at 42 cents per kilowatt-hour. New Jersey ranked among the nation’s most expensive states for public EV charging, averaging 45 cents per kilowatt-hour, according to AAA.
Drivers can find current gasoline prices and electric vehicle charging costs using AAA’s TripTik Travel Planner.
