The national average price for a gallon of gasoline is nearing a significant milestone, just 10 cents shy of falling below $3 for the first time since May 2021. However, the potential formation of Hurricane Sara in the Gulf of Mexico may disrupt this trend, according to recent updates.
Current Gas Prices and Trends
As of today, the national average price for a gallon of gas stands at $3.08, reflecting a two-cent drop from last week. This marks a 12-cent decrease from a month ago and a 27-cent reduction compared to this time last year. Demand for gasoline has surged from 8.82 million barrels per day (b/d) last week to 9.38 million b/d, while domestic gasoline stocks have fallen from 211.3 million barrels to 206.8 million barrels. Simultaneously, gasoline production has risen to an average of 10.3 million barrels per day.
Oil Market Update
On Wednesday, West Texas Intermediate (WTI) crude oil increased by 31 cents, settling at $68.43 per barrel. Recent reports indicate that U.S. crude oil inventories rose by 2.1 million barrels to 429.7 million barrels, roughly 4% below the five-year average for this time of year.
Gas Price Breakdown
- Top 10 Most Expensive Gasoline Markets: Hawaii ($4.58), California ($4.48), Washington ($3.99), Nevada ($3.76), Oregon ($3.56), Alaska ($3.52), Pennsylvania ($3.26), Washington, D.C. ($3.25), Illinois ($3.25), and Idaho ($3.19).
- Top 10 Least Expensive Gasoline Markets: Oklahoma ($2.59), Mississippi ($2.66), Texas ($2.68), Missouri ($2.69), Arkansas ($2.70), Kansas ($2.71), Tennessee ($2.72), Louisiana ($2.76), Alabama ($2.76), and Iowa ($2.78).
Electricity Prices for Public Charging Stations
In addition to gasoline prices, average costs for public electric vehicle (EV) charging are also monitored. The current national average remains at 34 cents per kilowatt hour (kWh).
- Top 10 Least Expensive States for Public Charging: Kansas (21 cents), Missouri (24 cents), Nebraska (26 cents), North Dakota (27 cents), Texas (28 cents), Utah (29 cents), Vermont (30 cents), Washington, D.C. (30 cents), and Michigan (30 cents).
- Top 10 Most Expensive States for Public Charging: Hawaii (56 cents), West Virginia (44 cents), Montana (43 cents), New Hampshire (42 cents), South Carolina (42 cents), Arkansas (41 cents), Kentucky (41 cents), Idaho (41 cents), Alaska (41 cents), and Tennessee (40 cents).
