Gas Prices Hold Steady as Oil Costs Decline

The national average for a gallon of gasoline has declined slightly, dropping one cent from last week to $3.11, according to AAA. The decrease is attributed in part to lower crude oil prices, though market fluctuations and the seasonal transition to summer-grade gasoline may impact prices at the pump in the coming weeks.

AAA also noted that the national average per kilowatt hour of electricity at public EV charging stations remained unchanged at 34 cents.

Fuel Supply and Demand Trends

According to the latest data from the Energy Information Administration (EIA), gasoline demand rose from 8.45 million barrels per day (b/d) last week to 8.87 million b/d. Total domestic gasoline supply declined from 248.3 million barrels to 246.8 million barrels. Meanwhile, gasoline production increased, averaging 9.6 million barrels per day.

As of today, the national average for a gallon of gasoline is $3.11, reflecting a decrease of two cents from a month ago and a decline of 27 cents compared to this time last year.

Oil Market Update

At the close of Wednesday’s formal trading session, West Texas Intermediate (WTI) crude oil dropped $1.95, settling at $66.31 per barrel. The EIA reported a 3.6 million-barrel increase in crude oil inventories from the previous week, bringing total U.S. crude oil inventories to 433.8 million barrels—approximately 4% below the five-year average for this time of year.

Gasoline and Electricity Price Rankings

Most Expensive Gas Markets:

• California: $4.74
• Hawaii: $4.54
• Washington: $4.11
• Nevada: $3.79
• Oregon: $3.73
• Alaska: $3.43
• Arizona: $3.38
• Pennsylvania: $3.28
• Illinois: $3.21
• Washington, DC: $3.21

Least Expensive Gas Markets:

• Mississippi: $2.64
• Kentucky: $2.69
• South Carolina: $2.70
• Tennessee: $2.71
• Louisiana: $2.71
• Texas: $2.73
• Alabama: $2.74
• Oklahoma: $2.76
• North Carolina: $2.76
• Arkansas: $2.77

Electricity Costs at Public Charging Stations

Most Expensive States for Public EV Charging (per kWh):

• Hawaii: 56 cents
• West Virginia: 47 cents
• Montana: 45 cents
• Idaho: 42 cents
• Tennessee: 42 cents
• Arkansas: 42 cents
• New Hampshire: 42 cents
• South Carolina: 42 cents
• Kentucky: 41 cents
• Alaska: 41 cents

Least Expensive States for Public EV Charging (per kWh):

• Kansas: 22 cents
• Maryland: 25 cents
• Missouri: 25 cents
• Nebraska: 26 cents
• Delaware: 29 cents
• Iowa: 29 cents
• Michigan: 29 cents
• Utah: 29 cents
• Texas: 30 cents
• North Dakota: 31 cents

With fluctuations in oil prices and the seasonal transition to summer-grade gasoline, fuel costs may vary in the coming weeks.

This article, "Gas Prices Hold Steady as Oil Costs Decline" was first published on Small Business Trends

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