Gas Prices Climb Nationwide, Driven by Refinery Maintenance and Seasonal Factors

The national average price for a gallon of regular gasoline jumped more than 10 cents over the past week, reaching $3.26, according to AAA. This marks the first time since September that prices have hit this level, reflecting typical seasonal shifts. Despite the increase, prices remain below last year’s national average of $3.54 for the same period.

AAA attributes the rise to several contributing factors, including ongoing refinery maintenance and the transition to more expensive summer-blend gasoline. One month ago, the national average stood at $3.09.

Supply and Demand Trends

Data from the Energy Information Administration (EIA) shows a decrease in gasoline demand, falling from 8.64 million barrels per day to 8.49 million barrels per day over the past week. During the same period, total domestic gasoline supply dropped from 239.1 million barrels to 237.6 million barrels. However, gasoline production rose, averaging 9.3 million barrels per day.

On the crude oil side, West Texas Intermediate (WTI) crude rose by 51 cents at the close of Wednesday’s formal trading session, settling at $71.71 per barrel. The EIA reported a 6.2 million barrel increase in crude oil inventories from the previous week, bringing the total to 439.8 million barrels. Despite the increase, inventories are still about 4% below the five-year average for this time of year.

EV Charging Costs Hold Steady

For electric vehicle owners, the national average cost per kilowatt hour of electricity at public EV charging stations remained unchanged from the previous week at 34 cents.

State-by-State Price Comparisons

California remains the most expensive market for gasoline, with an average price of $4.91 per gallon, followed by Hawaii ($4.52), Washington ($4.30), Nevada ($3.99), and Oregon ($3.93). Rounding out the top ten are Alaska ($3.53), Illinois ($3.52), Arizona ($3.42), Idaho ($3.38), and Pennsylvania ($3.37).

The least expensive markets for gasoline are Mississippi ($2.74), Tennessee ($2.80), Oklahoma ($2.81), Louisiana ($2.82), and Alabama ($2.85). Also among the lowest are Texas, Arkansas, and Kansas (each at $2.87), South Carolina ($2.87), and Kentucky ($2.89).

In terms of EV charging, Hawaii continues to lead with the highest average cost at 56 cents per kilowatt hour, followed by West Virginia (46 cents), Montana (44 cents), Tennessee (42 cents), and South Carolina (42 cents). Other high-cost states include Idaho, Alaska, Kentucky, Louisiana, and New Hampshire, all ranging between 40 and 42 cents.

The states with the lowest EV charging rates are Kansas (22 cents), Missouri (25 cents), Iowa and North Dakota (26 cents each), and Nebraska and Delaware (27 cents each). Texas, Washington, DC, Utah, and Maryland all report an average of 30 cents per kilowatt hour.

This article, "Gas Prices Climb Nationwide, Driven by Refinery Maintenance and Seasonal Factors" was first published on Small Business Trends

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