Gas Prices Hold Steady Amid Declining Oil Costs, AAA Reports

The national average price for a gallon of regular gasoline edged up slightly this week to $3.18, according to AAA. While this time of year often sees seasonal increases in prices due to rising demand, a drop in crude oil prices is helping to stabilize prices at the pump.

AAA attributed the downward pressure on prices to economic concerns and a decision by OPEC+ to increase oil output despite sluggish global demand. The agency noted that “the lower the price of oil, the less drivers pay at the pump.” Compared to this time last year, the national average is nearly 50 cents lower.

Weekly Fuel Trends

• Today’s National Average: $3.186
• One Week Ago: $3.171
• One Month Ago: $3.201
• One Year Ago: $3.662

New data from the Energy Information Administration (EIA) shows gasoline demand fell from 9.41 million barrels per day (b/d) to 9.09 million b/d. Total domestic gasoline supply also decreased, dropping from 229.5 million barrels to 225.5 million. Meanwhile, gasoline production averaged 9.5 million barrels per day last week.

Crude Oil and Inventory Report

At the close of trading on Wednesday, West Texas Intermediate (WTI) crude fell $2.21 to settle at $58.21 per barrel. The EIA reported that U.S. crude oil inventories dropped by 2.7 million barrels from the previous week. Inventories now stand at 440.4 million barrels, roughly 6% below the five-year average for this time of year.

EV Charging Rates Hold Steady

While gasoline prices fluctuated slightly, the average national rate for public electric vehicle (EV) charging remained unchanged at 34 cents per kilowatt hour.

State-by-State Breakdown

Most Expensive Gasoline Markets

1. California – $4.77
2. Hawaii – $4.50
3. Washington – $4.26
4. Oregon – $3.90
5. Nevada – $3.84
6. Alaska – $3.62
7. Illinois – $3.40
8. Pennsylvania – $3.35
9. Idaho – $3.31
10. Utah – $3.31

Least Expensive Gasoline Markets

1. Mississippi – $2.66
2. Louisiana – $2.73
3. Tennessee – $2.74
4. Alabama – $2.76
5. Texas – $2.76
6. Arkansas – $2.78
7. Oklahoma – $2.80
8. South Carolina – $2.82
9. Kansas – $2.85
10. Missouri – $2.85

Most Expensive EV Charging Markets

1. Hawaii – 55 cents
2. Alaska – 47 cents
3. West Virginia – 47 cents
4. Montana – 44 cents
5. South Carolina – 43 cents
6. Louisiana – 43 cents
7. Tennessee – 43 cents
8. Kentucky – 42 cents
9. Idaho – 42 cents
10. Georgia – 40 cents

Least Expensive EV Charging Markets

1. Kansas – 22 cents
2. Missouri – 25 cents
3. Iowa – 27 cents
4. Delaware – 27 cents
5. Nebraska – 29 cents
6. Utah – 29 cents
7. Texas – 30 cents
8. Maryland – 30 cents
9. Vermont – 30 cents
10. North Carolina – 31 cents

As the market continues to respond to global supply decisions and domestic demand, drivers may see further stability or slight changes in prices in the coming weeks.

This article, "Gas Prices Hold Steady Amid Declining Oil Costs, AAA Reports" was first published on Small Business Trends

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