As Spring Break begins across the U.S., drivers are experiencing a slight increase in gas prices. The national average for a gallon of gas has risen three cents since last Thursday, now standing at $3.15.
Typically, gas prices rise each spring and reach their peak during the summer. Despite this recent increase, the current national average is approximately 40 cents lower than it was at the same time last year. This decline is attributed to weak crude oil prices and lower gasoline demand.
Data from the U.S. Energy Information Administration (EIA) shows a small dip in gasoline demand, decreasing from 8.81 million barrels per day to 8.64 million barrels per day. Additionally, domestic gasoline supply has decreased, falling from 240.6 million barrels to 239.1 million barrels, along with production averaging 9.2 million barrels per day last week, indicating reduced output.
Compared to a month ago, the national average is three cents higher, but on a year-over-year basis, it is 38 cents lower.
Oil Market Trends
In oil market news, West Texas Intermediate (WTI) crude rose 65 cents to close at $69.65 per barrel on Wednesday. EIA data indicates a 3.3 million barrel reduction in U.S. crude oil inventories from the previous week, with total inventories now at 433.6 million barrels—about 5% below the five-year average for this time of year.
EV Charging Rates Remain Stable
The average national rate for public electric vehicle (EV) charging has remained unchanged over the past week, holding steady at 34 cents per kilowatt hour.
Gas Price Extremes by State
California maintains the highest average gas price in the nation at $4.66 per gallon, followed by Hawaii at $4.52 and Washington at $4.13. Other states with higher gas prices include Nevada ($3.77), Oregon ($3.76), and Illinois ($3.44). Conversely, the states with the lowest gas prices are Mississippi ($2.68), Oklahoma ($2.72), and Louisiana ($2.75).
Public EV Charging Costs by State
Hawaii also has the highest public EV charging rate at 56 cents per kilowatt hour. Other states with high EV charging costs include West Virginia (46 cents) and Montana (44 cents). On the other hand, Kansas boasts the lowest EV charging rates at 22 cents, followed by Missouri at 25 cents and Nebraska at 26 cents.
