In the lull between spring travel and the kick-off to summer, gas demand slid week over week, dropping the national average three cents to land at $3.15. OPEC+ (the group of oil-producing countries) announced Saturday that it will increase output again in June, widening the supply surplus, which could cause crude prices to continue to fall. This means road trippers would see lower prices at the pump this summer. The national average is nearly 49 cents less than it was one year ago today.
- Today’s National Average: $3.152
- One Week Ago: $3.186
- One Month Ago: $3.246
- One Year Ago: $3.640
According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 9.09 million b/d last week to 8.71. Total domestic gasoline supply slightly increased from 225.5 million barrels to 225.7. Gasoline production decreased last week, averaging 9.7 million barrels per day.
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI fell $1.02 to settle at $-58.07 a barrel. The EIA reports that crude oil inventories decreased by 2 million barrels from the previous week. At 438.4 million barrels, U.S. crude oil inventories are about 7% 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 increased two cents over last week to 36 cents.
State Stats
Gas
The nation’s top 10 most expensive gasoline markets are California ($4.82), Hawaii ($4.49), Washington ($4.26), Oregon ($3.90), Nevada ($3.89), Alaska ($3.60), Illinois ($3.43), Pennsylvania ($3.30), Idaho ($3.30), and Utah ($3.30).
The nation’s top 10 least expensive gasoline markets are Mississippi ($2.64), Louisiana ($2.70), Oklahoma ($2.73), Arkansas ($2.74), Alabama ($2.75), Tennessee ($2.75), Texas ($2.76), South Carolina ($2.77), Missouri ($2.82), and Kansas ($2.83).
Electric
The nation’s top 10 most expensive states for public charging per kilowatt hour are Hawaii (54 cents), Alaska (47 cents), West Virginia (47 cents), Montana (44 cents), Louisiana (43 cents), Kentucky (42 cents), Tennessee (42 cents), Idaho (42 cents), South Carolina (41 cents), and New Hampshire (40 cents).
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (22 cents), Missouri (25 cents), Delaware (26 cents), Iowa (27 cents), Nebraska (29 cents), Utah (29 cents), Texas (30 cents), Maryland (30 cents), Vermont (30 cents), and North Carolina (31 cents).
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