Gas Prices Begin Seasonal Rise Ahead of Memorial Day Weekend

After a slower-than-usual start to the seasonal climb, gas prices are beginning to rise just ahead of the summer travel season, according to AAA. The national average for a gallon of regular gasoline rose by four cents over the past week, reaching $3.192. The increase comes as crude oil prices climb and fuel demand begins to rise.

AAA notes that the typical spring surge in prices was delayed this year due to lower-than-normal crude oil prices. However, prices are now aligning with seasonal expectations. Despite the recent rise, gas remains about 40 cents cheaper than the same time last year, when the national average was $3.60.

The price uptick arrives just as a record 39.4 million Americans are expected to hit the road over the Memorial Day holiday weekend. With drivers paying less than in 2024, travel costs may be more manageable despite the current upward trend.

National and Regional Averages

• Today’s National Average: $3.192
• One Week Ago: $3.152
• One Month Ago: $3.172
• One Year Ago: $3.60

Among the most expensive markets, California tops the list at $4.92 per gallon, followed by Hawaii ($4.49), Washington ($4.33), and Nevada ($3.96). Mississippi holds the lowest average at $2.66, with Tennessee ($2.71), Louisiana ($2.73), and Alabama ($2.76) also among the least expensive.

Supply and Demand Trends

According to the Energy Information Administration (EIA), gasoline demand rose slightly from 8.71 million barrels per day (b/d) to 8.79 million b/d. Meanwhile, domestic gasoline supply decreased by one million barrels to 224.7 million, and production dipped to an average of 9.4 million b/d.

In the oil market, West Texas Intermediate (WTI) crude settled at $63.15 per barrel after a 52-cent drop at Wednesday’s close. Crude oil inventories increased by 4 million barrels to a total of 441.8 million, which remains approximately 6% below the five-year average for this time of year.

Electric Vehicle Charging Costs Hold Steady

The national average cost for charging an electric vehicle at a public station held steady over the past week at 36 cents per kilowatt hour.

West Virginia leads the nation with the highest average EV charging rate at 50 cents per kilowatt hour, followed by Tennessee (48 cents) and Alaska (47 cents). Kansas posted the lowest rate at 23 cents, with Delaware (24 cents) and Missouri (25 cents) close behind.

This article, "Gas Prices Begin Seasonal Rise Ahead of Memorial Day Weekend" was first published on Small Business Trends

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