The national average price for gasoline has jumped by about $1 over the past month, driven by rising oil prices and increased seasonal demand, according to AAA.
The average price for a gallon of regular gas reached $3.98 as of Thursday, up 10 cents from last week and sharply higher from $2.98 a month ago. Prices could reach $4 per gallon in the coming days for the first time since August 2022, AAA said.
The increase comes as crude oil prices remain elevated amid the ongoing conflict involving Iran, now entering its fourth week. At the same time, gasoline demand has risen as spring break travel picks up across the country.
New data from the U.S. Energy Information Administration shows gasoline demand increased from 8.72 million barrels per day to 8.92 million last week. Supply declined from 244 million barrels to 241.4 million, while production rose to an average of 9.7 million barrels per day.
Oil prices showed some volatility, with West Texas Intermediate crude settling at $90.32 per barrel after falling $2.03 in the latest trading session. U.S. crude inventories increased by 6.9 million barrels and are now slightly above the five-year average for this time of year.
Gas prices vary widely across the country. California had the highest average at $5.84 per gallon, followed by Hawaii at $5.33 and Washington at $5.30. Oklahoma had the lowest average at $3.25, with several Midwestern states also among the least expensive markets.
Meanwhile, the national average cost for public electric vehicle charging remained unchanged at 41 cents per kilowatt hour. Prices were highest in West Virginia and Hawaii, and lowest in states such as Kansas and Missouri.
AAA said drivers can track gas and electric charging prices using its TripTik travel planner as fuel costs continue to fluctuate.
