The national average price for a gallon of gasoline has risen by 4 cents over the past week, now standing at $3.12. This increase occurs despite crude oil prices remaining under $70 per barrel and is primarily attributed to the seasonal switch to summer-blend gasoline, which is more costly to produce due to its performance in warmer conditions.
Meanwhile, the average cost for public electric vehicle (EV) charging has remained stable at 34 cents per kilowatt hour.
Market Dynamics
Recent data from the Energy Information Administration (EIA) indicates a decrease in gasoline demand, which fell from 9.18 million barrels per day to 8.81 million. Concurrently, total domestic gasoline supply experienced a slight dip from 241.1 million barrels to 240.6 million. Despite these trends, gasoline production rose, averaging 9.6 million barrels per day over the last week.
Currently, the national average gasoline price is 4 cents lower than it was a month ago and approximately 40 cents lower compared to the same period last year.
Overview of the Oil Market
In recent trading, West Texas Intermediate (WTI) crude oil increased by 26 cents to close at $67.16 per barrel. The EIA reported a rise in U.S. crude oil inventories by 1.7 million barrels from the previous week, bringing the current inventory level to 437.0 million barrels, approximately 5% below the five-year average for this time of year.
Gas Price Variations Across the U.S.
California remains the most expensive state for gasoline, with an average price of $4.64 per gallon. Following are Hawaii ($4.53), Washington ($4.09), and Nevada ($3.74). Other states with higher prices include Oregon ($3.73), Alaska ($3.39), Illinois ($3.38), and Arizona ($3.34). Conversely, the states with the cheapest gasoline prices are Mississippi ($2.66), Oklahoma ($2.69), Kentucky ($2.69), and Tennessee ($2.69).
Electric Vehicle Charging Costs
While gasoline prices have climbed, the cost for public EV charging has held firm. The highest rates are in Hawaii at 56 cents per kilowatt hour, with elevated prices also found in West Virginia (46 cents) and Montana (45 cents). On the other hand, Kansas offers the lowest public charging costs at 22 cents, followed closely by Missouri (25 cents) and Nebraska (26 cents).
As refineries transition to summer-grade gasoline production, analysts anticipate that gasoline prices may continue to rise in the coming weeks, even if crude oil prices remain stable.
