Gas Prices Rise Slightly Nationwide as Demand Increases

Gas prices across the U.S. ticked up this week, according to a new report from AAA. The national average price for a gallon of regular gasoline rose to $3.17, up slightly from $3.167 one week ago and 5 cents higher than one month ago.

The moderate increase in gas prices is being attributed to rising demand as warmer spring weather encourages more drivers to hit the road. Despite the bump, prices remain significantly lower than this time last year, when the national average stood at $3.66 per gallon.

A key factor keeping prices in check is the lower cost of crude oil, currently around $62 per barrel, down from $82 per barrel at this time in 2024.

Fuel Supply and Demand Trends

According to data from the U.S. Energy Information Administration (EIA), gasoline demand climbed from 8.46 million barrels per day (b/d) last week to 9.41 million b/d this week. At the same time, domestic gasoline supply declined from 234.0 million barrels to 229.5 million barrels.

Gasoline production increased during the same period, with output averaging 10.1 million b/d.

In the oil market, West Texas Intermediate (WTI) crude closed Wednesday’s trading session down $1.40, settling at $62.27 per barrel. Crude oil inventories rose by 0.2 million barrels to a total of 443.1 million barrels. According to the EIA, this level is about 5% below the five-year average for this time of year.

Electric Vehicle Charging Costs Hold Steady

The average national cost for charging an electric vehicle (EV) at public stations remained steady over the past week at 34 cents per kilowatt hour.

State-by-State Price Highlights

The most expensive states for gasoline are:

• California: $4.80
• Hawaii: $4.51
• Washington: $4.28
• Oregon: $3.92
• Nevada: $3.87
• Alaska: $3.64
• Illinois: $3.42
• Arizona: $3.37
• Pennsylvania: $3.35
• Idaho: $3.32

Conversely, the least expensive states for gasoline are:

• Mississippi: $2.68
• Oklahoma: $2.71
• Texas: $2.74
• Louisiana: $2.75
• Alabama: $2.78
• Tennessee: $2.79
• South Carolina: $2.80
• Arkansas: $2.80
• Kentucky: $2.83
• Kansas: $2.83

For EV public charging, the states with the highest average cost per kilowatt hour are:

• Hawaii: 55 cents
• Alaska: 47 cents
• West Virginia: 47 cents
• Montana: 45 cents
• South Carolina: 44 cents
• Tennessee: 43 cents
• Kentucky: 42 cents
• Idaho: 42 cents
• Louisiana: 41 cents
• Georgia: 40 cents

The most affordable states for public EV charging include:

• Kansas: 22 cents
• Missouri: 25 cents
• Iowa: 27 cents
• Delaware: 28 cents
• Nebraska: 28 cents
• Utah: 29 cents
• Texas: 30 cents
• Maryland: 30 cents
• Vermont: 31 cents
• North Carolina: 31 cents

Image: AAA

This article, "Gas Prices Rise Slightly Nationwide as Demand Increases" was first published on Small Business Trends

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