Gas Prices Hold Steady as National Average Remains at $3.16

Gasoline prices across the U.S. remained largely unchanged over the past week, with the national average for a gallon of gas holding at $3.16, according to AAA. The price per kilowatt hour of electricity at public EV charging stations also remained stable at 34 cents.

Gasoline Supply and Demand Trends

The latest data from the Energy Information Administration (EIA) shows a decline in gasoline demand, falling from 8.57 million barrels per day (b/d) to 8.23 million b/d. Total domestic gasoline supply also dropped slightly, from 248.1 million barrels to 247.9 million barrels. Gasoline production saw a decrease, averaging 9.2 million barrels per day. The current national gas average is 4 cents higher than a month ago but 11 cents lower than a year ago.

Oil Market Overview

Crude oil prices saw a slight increase, with West Texas Intermediate (WTI) rising 40 cents to settle at $72.25 per barrel. Meanwhile, crude oil inventories grew by 4.6 million barrels, bringing total U.S. crude oil stockpiles to 432.5 million barrels—approximately 3% below the five-year average for this time of year.

Most Expensive and Least Expensive Gas Markets

Top 10 Most Expensive Gasoline Markets:

• California – $4.84
• Hawaii – $4.55
• Washington – $4.14
• Nevada – $3.87
• Oregon – $3.77
• Alaska – $3.45
• Arizona – $3.41
• Pennsylvania – $3.36
• Illinois – $3.27
• Washington, D.C. – $3.25

Top 10 Least Expensive Gasoline Markets:

• Mississippi – $2.67
• Louisiana – $2.75
• Tennessee – $2.76
• Texas – $2.76
• Oklahoma – $2.78
• Kentucky – $2.78
• Alabama – $2.79
• Arkansas – $2.82
• Kansas – $2.83
• Missouri – $2.84

Electric Vehicle Charging Costs

Top 10 Most Expensive States for Public Charging (Per kWh):

• Hawaii – 55 cents
• West Virginia – 47 cents
• Montana – 44 cents
• Idaho – 42 cents
• Tennessee – 42 cents
• Arkansas – 42 cents
• New Hampshire – 42 cents
• Kentucky – 41 cents
• Alaska – 41 cents
• South Carolina – 41 cents

Top 10 Least Expensive States for Public Charging (Per kWh):

• Kansas – 22 cents
• Nebraska – 25 cents
• Maryland – 25 cents
• Missouri – 25 cents
• Iowa – 28 cents
• Texas – 29 cents
• Utah – 29 cents
• Michigan – 29 cents
• North Dakota – 30 cents
• South Dakota – 31 cents

Image: AAA

This article, "Gas Prices Hold Steady as National Average Remains at $3.16" was first published on Small Business Trends

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