National gas prices fall 18 cents in a week as summer travel season begins, AAA says
The national average price for a gallon of regular gasoline dropped 18 cents over the past week, marking the second consecutive weekly decline as motorists prepare for summer travel, according to AAA.
AAA reported Thursday that the national average fell to $4.24 per gallon, down from $4.43 a week ago and $4.46 a month ago. Despite the recent decline, prices remain significantly higher than a year ago, when the national average stood at $3.14 per gallon.
The decrease comes as crude oil prices have remained below $100 per barrel, helping ease pressure at the pump. However, AAA noted that uncertainty surrounding shipping traffic through the Strait of Hormuz could affect future oil prices and limit additional declines as gasoline demand increases during the summer months.
According to the U.S. Energy Information Administration, gasoline demand decreased last week from 9.25 million barrels per day to 8.59 million barrels per day. Domestic gasoline supplies increased from 211.6 million barrels to 215 million barrels, while gasoline production averaged 9.4 million barrels per day.
Oil prices moved higher Wednesday, with West Texas Intermediate crude oil rising $2.26 to settle at $96.02 per barrel. The EIA reported U.S. crude oil inventories fell by 8 million barrels from the previous week. At 433.7 million barrels, inventories remain about 3% below the five-year average for this time of year.
California continued to have the nation’s highest average gasoline price at $5.97 per gallon, followed by Washington at $5.66 and Hawaii at $5.62. Indiana had the lowest statewide average at $3.55 per gallon, followed by Texas at $3.72 and Oklahoma at $3.74.
AAA also reported that the national average cost to charge an electric vehicle at a public charging station remained unchanged at 41 cents per kilowatt-hour.
Among states with the highest public EV charging rates, New Jersey ranked ninth at 44 cents per kilowatt-hour. Kansas had the lowest average charging cost at 30 cents per kilowatt-hour.
AAA encourages travelers to monitor fuel prices and plan ahead as summer travel demand increases nationwide.
