Gasoline prices in the United States have maintained stability, with the national average recorded at $3.06 per gallon for the second week in a row. Public electric vehicle (EV) charging costs have also remained steady at 34 cents per kilowatt hour for nearly five months.
In reviewing the trends of 2024, the national average for gasoline peaked at $3.67 on April 19 and dipped to a low of $3.01 by December 10. Seasonal patterns suggest that consumers may see minor fluctuations in prices over the next couple of months.
Despite variations in production and demand, gasoline prices for 2024 averaged $3.30 per gallon, reflecting a decrease of 21 cents compared to 2023. While prices have risen five cents since last month, they are still a penny lower than this time last year.
Recent data from the Energy Information Administration (EIA) indicates an uptick in gasoline demand, which increased to 8.48 million barrels per day, up from 8.16 million the week prior. Conversely, gasoline production fell to 8.9 million barrels per day, yet domestic gasoline stocks grew significantly, surging from 231.4 million to 237.7 million barrels.
The United States continues to lead in global oil production, a trend firmly set between 2018 and 2023. In 2023, crude oil production averaged 12.9 million barrels daily, eclipsing the former U.S. and global record of 12.3 million barrels established in 2019.
The EIA’s forecasts affirm the U.S.’s status as the world’s top oil producer, anticipating no immediate threats from other countries.
At the close of Wednesday’s trading, West Texas Intermediate (WTI) crude oil was priced at $73.32 per barrel, a decline of 93 cents. U.S. crude oil inventories dropped by 1.0 million barrels, now totaling 414.6 million barrels, which is 6% below the five-year average for this time of year.
Regional disparities in gasoline prices are notable, with Hawaii ($4.53), California ($4.38), and Washington ($3.90) among the highest. In contrast, Oklahoma ($2.60), Mississippi ($2.62), and Kansas ($2.68) report the lowest prices.
Electric vehicle drivers are also experiencing varying charging rates across states, with Kansas offering the most affordable option at 22 cents per kilowatt hour, while Hawaii has the highest cost at 56 cents per kilowatt hour.
