Gas Prices Rise Amid Tariff Concerns, National Average Reaches $3.13

Gas prices in the U.S. have increased slightly, with the national average for a gallon of gasoline rising by two cents to $3.13, according to AAA. The increase comes amid concerns over potential tariffs, despite fluctuations in supply and demand. Meanwhile, the national average for public electric vehicle (EV) charging remains unchanged at 34 cents per kilowatt hour.

New data from the Energy Information Administration (EIA) shows a minor increase in gasoline demand, climbing from 8.30 million barrels per day (b/d) to 8.32 million b/d. Domestic gasoline supply also rose, increasing from 248.9 million barrels to 251.1 million barrels, while gasoline production dipped to 9.2 million barrels per day.

Currently, the national average for a gallon of gas is seven cents higher than last month but one cent lower than a year ago.

On Wednesday, West Texas Intermediate (WTI) crude oil settled at $71.03 per barrel, a $1.67 drop from the previous day. Crude oil inventories increased by 8.7 million barrels over the past week, bringing the total to 423.8 million barrels, which remains 5% below the five-year average for this time of year.

Gas Price Breakdown: Most and Least Expensive States

Most Expensive States for Gas:

• Hawaii – $4.55
• California – $4.52
• Washington – $3.99
• Nevada – $3.71
• Oregon – $3.62
• Pennsylvania – $3.36
• Alaska – $3.33
• Arizona – $3.26
• Washington, DC – $3.26
• Illinois – $3.26

Least Expensive States for Gas:

• Mississippi – $2.68
• Texas – $2.74
• Louisiana – $2.77
• Oklahoma – $2.77
• Tennessee – $2.78
• Arkansas – $2.80
• Kentucky – $2.81
• Alabama – $2.82
• Kansas – $2.83
• Missouri – $2.85

Electric Vehicle Charging Costs

The cost of public EV charging remained stable, with Hawaii topping the list at 55 cents per kilowatt hour, followed by West Virginia (47 cents), Montana (44 cents), and Tennessee (42 cents).

Most Expensive States for Public Charging:

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

Least Expensive States for Public Charging:

• Kansas – 22 cents/kWh
• Nebraska – 25 cents/kWh
• Missouri – 25 cents/kWh
• Maryland – 26 cents/kWh
• Delaware – 27 cents/kWh
• Iowa – 28 cents/kWh
• Texas – 28 cents/kWh
• Utah – 29 cents/kWh
• Michigan – 30 cents/kWh
• North Dakota – 30 cents/kWh

With crude oil inventories still below the five-year average and market uncertainty driven by tariff concerns, gas prices may continue to fluctuate in the coming weeks. AAA advises consumers to monitor fuel prices closely and take advantage of cost-saving opportunities where available.

This article, "Gas Prices Rise Amid Tariff Concerns, National Average Reaches $3.13" was first published on Small Business Trends

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