The national average price for a gallon of regular gasoline surged over 10 cents in the past week, reaching $3.26. This increase marks the first time since September that prices have hit this level, reflecting seasonal trends. Although prices have risen, they still remain lower than last year’s national average of $3.54 during the same timeframe.
The rise in gasoline prices is attributed to several factors, including ongoing refinery maintenance and the shift to more expensive summer-blend gasoline. Just a month ago, the national average was $3.09.
Supply and Demand Trends
Data indicate a recent decline in gasoline demand, dropping from 8.64 million barrels per day to 8.49 million barrels per day. Concurrently, the total domestic gasoline supply decreased from 239.1 million barrels to 237.6 million barrels. However, gasoline production saw a rise, averaging 9.3 million barrels per day.
On the crude oil front, West Texas Intermediate (WTI) crude increased by 51 cents, closing at $71.71 per barrel. Recent reports show a 6.2 million barrel rise in crude oil inventories, totaling 439.8 million barrels; although inventories are still approximately 4% below the five-year average for this time of year.
EV Charging Costs Maintain Stability
For electric vehicle owners, the national average cost per kilowatt hour at public EV charging stations has remained steady at 34 cents, unchanged from the previous week.
State-by-State Gasoline Price Comparisons
California leads the pack as the most expensive state for gasoline, with an average price of $4.91 per gallon. It is followed by Hawaii at $4.52, Washington at $4.30, Nevada at $3.99, and Oregon at $3.93. Additional states in the top ten include Alaska ($3.53), Illinois ($3.52), Arizona ($3.42), Idaho ($3.38), and Pennsylvania ($3.37).
Conversely, the cheapest gasoline is found in Mississippi at $2.74, followed by Tennessee ($2.80), Oklahoma ($2.81), Louisiana ($2.82), and Alabama ($2.85). States such as Texas, Arkansas, and Kansas fall in the same range at $2.87, alongside South Carolina and Kentucky at $2.89.
In the realm of EV charging, Hawaii has the highest average cost at 56 cents per kilowatt hour. This is followed by West Virginia (46 cents), Montana (44 cents), Tennessee (42 cents), and South Carolina (42 cents). Other high-cost states include Idaho, Alaska, Kentucky, Louisiana, and New Hampshire, with prices ranging from 40 to 42 cents.
The states with the lowest EV charging rates include Kansas (22 cents), Missouri (25 cents), and Iowa and North Dakota at 26 cents each, as well as Nebraska and Delaware at 27 cents. Texas, Washington, D.C., Utah, and Maryland report an average charging cost of 30 cents per kilowatt hour.
