The national average price for a gallon of regular gasoline dropped more than 6 cents over the past week to $4.27, but elevated crude oil prices continue to limit relief for motorists, according to AAA.
In its Thursday, Oct. 22, report, AAA said the national average fell from $4.33 a week earlier to $4.27. Gas prices are also down from $4.48 a month ago but remain significantly higher than the $3.07 national average recorded at the same time last year.
AAA attributed the recent decline to the seasonal transition to winter-blend gasoline, which is less expensive to produce. However, crude oil prices approaching $100 per barrel amid instability in the Strait of Hormuz are preventing larger decreases at the pump. According to AAA, October is on track to become the most expensive October on record for gasoline prices, following similar monthly records in August and September.
New data from the U.S. Energy Information Administration showed gasoline demand increased from 8.40 million barrels per day to 8.98 million barrels per day last week, while total domestic gasoline supplies declined from 208.3 million barrels to 205.3 million barrels. Gasoline production increased from 9.23 million barrels per day to 9.75 million barrels per day.
At the close of Wednesday’s trading session, West Texas Intermediate crude oil fell 67 cents to settle at $97.15 per barrel. The EIA also reported that U.S. crude oil inventories decreased by 3.1 million barrels to 412.5 million barrels, approximately 3% below the five-year average.
California had the nation’s highest average gasoline price at $6.08 per gallon, followed by Hawaii at $5.64, Washington at $5.34, Nevada at $5.33 and Oregon at $4.90. Other states among the 10 most expensive gasoline markets included Alaska at $4.88, Idaho at $4.74, Utah at $4.72, Illinois at $4.66 and Michigan at $4.60.
North Carolina had the lowest average gasoline price in the country at $3.55 per gallon, followed by Georgia at $3.70, Texas at $3.76, Tennessee at $3.82 and Louisiana at $3.83. South Carolina averaged $3.84, while Alabama and Mississippi each averaged $3.86, Indiana averaged $3.87 and Arkansas averaged $3.88.
AAA also reported that the national average cost of electricity at public electric vehicle charging stations remained unchanged over the past week at 41 cents per kilowatt-hour.
Hawaii had the highest average public charging cost at 54 cents per kilowatt-hour, followed by West Virginia at 52 cents and Louisiana at 49 cents. Alaska, California and New Hampshire each averaged 47 cents, while Arkansas averaged 45 cents, North Dakota averaged 44 cents, and Arizona and Nevada each averaged 43 cents.
Kansas had the lowest average public charging cost at 31 cents per kilowatt-hour, followed by Missouri at 32 cents and Iowa at 33 cents. Maryland, Nebraska, South Dakota and Utah each averaged 35 cents per kilowatt-hour, while Vermont averaged 36 cents and Minnesota and New Mexico averaged 37 cents.
Motorists can check current gasoline prices and public electric vehicle charging costs along their routes using the AAA TripTik Travel Planner.
