Gas Prices Now 8 Cents Lower Than Last Month

Despite an increase in gasoline demand, the national average price for a gallon of gas has dropped to $3.07, marking a three-cent decline from last week, according to the latest data from AAA. The decline comes as spring break travel picks up, with motorists in 31 states finding gas prices below $3 per gallon.

According to the Energy Information Administration (EIA), gasoline demand rose from 8.87 million barrels per day (b/d) to 9.18 million b/d over the past week. At the same time, total domestic gasoline supply decreased from 246.8 million barrels to 241.1 million barrels, putting supplies slightly below seasonal averages. Gasoline production also dipped, averaging 9.6 million b/d last week.

On a broader scale, the national average gas price is down by 8 cents compared to a month ago and 31 cents lower than a year ago.

Oil Market Overview

Crude oil prices saw an increase this week, with West Texas Intermediate (WTI) closing at $67.68 per barrel after a $1.43 rise on Wednesday. Meanwhile, U.S. crude oil inventories fell by 1.4 million barrels, leaving total stockpiles at 435.2 million barrels—5% below the five-year average for this time of year, according to the EIA.

Gas Price Trends Across the Country

The most expensive gasoline markets in the country remain concentrated on the West Coast, with California leading at $4.66 per gallon, followed by Hawaii ($4.54), Washington ($4.08), and Nevada ($3.74). Other high-cost states include Oregon ($3.71), Alaska ($3.40), Arizona ($3.35), Illinois ($3.25), Pennsylvania ($3.23), and Idaho ($3.19).

Conversely, the nation’s least expensive gas markets are found in the South and Midwest. Mississippi reports the lowest prices at $2.64 per gallon, followed by Texas ($2.66), Kentucky ($2.68), Oklahoma ($2.71), Louisiana ($2.72), Tennessee ($2.73), Alabama ($2.75), South Carolina ($2.76), Arkansas ($2.78), and North Carolina ($2.78).

Electric Charging Costs Hold Steady

The national average cost per kilowatt hour for public electric vehicle (EV) charging remains unchanged at 34 cents. Among the most expensive states for public EV charging, Hawaii leads at 56 cents per kilowatt hour, followed by West Virginia (47 cents), Montana (45 cents), and Idaho (43 cents). Other high-cost states include South Carolina, Tennessee, Arkansas, New Hampshire (all at 42 cents), Kentucky (41 cents), and Alaska (41 cents).

The lowest-cost public charging rates are found in Kansas (22 cents), Missouri (25 cents), and Nebraska (26 cents). Other states with lower costs include Delaware, Iowa, and Michigan (all at 29 cents), North Dakota and Utah (30 cents), and Texas (30 cents).

Image: AAA

This article, "Gas Prices Now 8 Cents Lower Than Last Month" was first published on Small Business Trends

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