The national average price for a gallon of regular gasoline has fallen below $4 for the first time since July, dropping nearly 20 cents over the past week, according to AAA.
As of Thursday, Nov. 12, the national average stood at $3.90 per gallon, down from $4.10 a week earlier and $4.36 a month ago. Despite the recent decline, gasoline prices remain significantly higher than a year ago, when the national average was approximately $3.08 per gallon.
According to AAA, November is on pace to be the most expensive November on record for gasoline prices. The organization attributed the recent decline to falling crude oil prices, the seasonal transition to cheaper winter-blend gasoline and reduced demand during the fall.
New data from the U.S. Energy Information Administration showed gasoline demand decreased from 8.80 million barrels per day to 8.76 million barrels per day last week. Meanwhile, total domestic gasoline supplies increased from 209 million barrels to 210.8 million barrels, while gasoline production declined from 9.70 million barrels per day to 9.62 million barrels per day.
At the close of Wednesday’s trading session, West Texas Intermediate crude oil rose 49 cents to settle at $86.53 per barrel. The EIA also reported that U.S. crude oil inventories increased by 4.7 million barrels to 414.4 million barrels, approximately 4% below the five-year average.
Gasoline prices continue to vary significantly across the country, with Hawaii and California reporting the nation’s highest averages at $5.63 per gallon. Nevada followed at $4.96, Washington at $4.90 and Oregon at $4.53. Other expensive markets included Alaska at $4.50, Illinois at $4.32, Pennsylvania at $4.29, Utah at $4.22 and Washington, D.C., at $4.20.
North Carolina had the nation’s lowest average gasoline price at $3.18 per gallon, followed by Texas at $3.38, Georgia at $3.40, South Carolina at $3.45 and Indiana at $3.47. Oklahoma and Louisiana averaged $3.49 per gallon, followed by Tennessee at $3.51, Alabama at $3.54 and Arkansas at $3.55.
AAA also reported that the national average cost of electricity at public electric vehicle charging stations remained unchanged at 42 cents per kilowatt-hour. New Jersey ranked among the 10 most expensive states for public EV charging, with an average cost of 43 cents per kilowatt-hour, compared with 55 cents in Hawaii, the nation’s highest, and 31 cents in Kansas, the lowest.
Motorists can find updated gasoline prices and public EV charging costs along their routes using the AAA TripTik Travel Planner.
