Gas prices are creeping back up just in time for the busy summer driving season. The national average for a gallon of regular is up 4 cents from last week, as the price of crude oil rises and demand goes up. Typically, the seasonal increase in gas prices starts earlier in the spring, but lower crude oil prices so far this year have kept that from happening. Now, we’re starting to settle in a more typical pattern. Despite the upward trend, drivers are paying about 40 cents less compared to last year, which is good news for the record 39.4 million Americans expected to take road trips over Memorial Day weekend.
Today’s National Average: 3.192
One Week Ago: 3.152
One Month Ago: 3.172
One Year Ago: 3.60
According to new data from the Energy Information Administration (EIA), gasoline demand increased from 8.71 b/d last week to 8.79. Total domestic gasoline supply decreased from 225.7 million barrels to 224.7. Gasoline production decreased last week, averaging 9.4 million barrels per day.
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI fell 52 cents to settle at $63.15 a barrel. The EIA reports that crude oil inventories increased by 4 million barrels from the previous week. At 441.8 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year.
EV Charging
The national average per kilowatt hour of electricity at a public EV charging station stayed the same this past week at 36 cents.
State Stats
Gas
The nation’s top 10 most expensive gasoline markets are California ($4.92), Hawaii ($4.49), Washington ($4.33), Nevada ($3.96), Oregon ($3.95), Alaska ($3.60), Illinois ($3.39), Arizona ($3.38), Utah ($3.30), and Idaho ($3.29).
The nation’s top 10 least expensive gasoline markets are Mississippi ($2.66), Tennessee ($2.71), Louisiana ($2.73), Alabama ($2.76), Texas ($2.80), South Carolina ($2.81), Arkansas ($2.81), Oklahoma ($2.82), Kansas ($2.85), and Missouri ($2.86).
Electric
The nation’s top 10 most expensive states for public charging per kilowatt hour are West Virginia (50 cents), Tennessee (48 cents), Alaska (47 cents), Montana (45 cents), Louisiana (44 cents), Hawaii (43 cents), South Carolina (43 cents), Idaho (41 cents), Arkansas (41 cents), and Kentucky (40 cents).
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (23 cents), Delaware (24 cents), Missouri (25 cents), Nebraska (27 cents), Maryland (27 cents), Iowa (29 cents), Utah (29 cents), Texas (30 cents), Vermont (31 cents), and Washington (31 cents).
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