National gas prices continue to fall, nearing $3 average for first time in four years
WASHINGTON, D.C. — The national average for a gallon of regular gasoline is edging closer to the $3 mark for the first time in four years, according to data released Thursday by AAA and the Energy Information Administration (EIA).
Since last week, the national average has dropped more than five cents to $3.05 per gallon, down from $3.11 a week ago and $3.19 one month ago. One year ago, drivers were paying $3.20 per gallon on average.
AAA attributes the recent decline to falling crude oil prices, lower gasoline demand, and the switch to cheaper winter-blend fuel. Relatively calm conditions in the tropics this season have also helped stabilize prices at the pump.
According to EIA data, U.S. gasoline demand dropped from 8.91 million barrels per day (b/d) last week to 8.45 million b/d, while total domestic supply slipped slightly from 219.1 million barrels to 218.8 million barrels. Gasoline production also declined, averaging 9.4 million barrels per day last week.
At Wednesday’s market close, West Texas Intermediate (WTI) crude oil fell 43 cents to $58.27 per barrel. Crude oil inventories rose by 3.5 million barrels, bringing total U.S. stockpiles to 423.8 million barrels, which is about 4% below the five-year seasonal average.
Meanwhile, the national average price for electric vehicle (EV) charging remained steady this week at 36 cents per kilowatt-hour (kWh).
State price breakdown
California leads the nation with the highest average gas price at $4.64 per gallon, followed by Hawaii ($4.48), Washington ($4.44), Oregon ($4.05), and Nevada ($3.87). The lowest averages were reported in Oklahoma ($2.56), Arkansas ($2.63), and Texas ($2.64).
For EV drivers, West Virginia (53 cents per kWh) and Alaska (50 cents) top the list of most expensive states for public charging, while Kansas (26 cents) and Maryland (28 cents) are among the cheapest.
Drivers can find up-to-date gas and EV charging prices along their routes by using the AAA TripTik Travel Planner.
