Gasoline prices are on the decline despite the approach of peak travel season, according to AAA. The national average price for a gallon of gas has dropped by three cents over the past week, settling at $3.15 as of May 8. This marks a decrease of nearly 49 cents compared to one year ago.
AAA attributes the decrease to a lull in demand between spring and summer travel periods. Additionally, OPEC+ recently announced it will increase oil output again in June, expanding the global supply surplus. This development could contribute to further declines in crude oil prices, potentially keeping pump prices low for summer travelers.
National Averages and Demand Trends
The following are the changes in national average gas prices over various timeframes:
- Today’s National Average: $3.152
- One Week Ago: $3.186
- One Month Ago: $3.246
- One Year Ago: $3.640
According to the Energy Information Administration (EIA), gasoline demand decreased from 9.09 million barrels per day (b/d) last week to 8.71 million b/d. Meanwhile, total domestic gasoline supply increased slightly, from 225.5 million barrels to 225.7 million barrels. Gasoline production dipped, averaging 9.7 million b/d last week.
Oil Market Overview
On Wednesday, West Texas Intermediate (WTI) crude oil prices closed down by $1.02, settling at $58.07 per barrel. The EIA reports that U.S. crude oil inventories fell by 2 million barrels to a total of 438.4 million barrels. This puts inventories about 7% below the five-year average for this time of year.
Electric Vehicle Charging Costs
The average national cost per kilowatt hour (kWh) at public EV charging stations rose by two cents from the previous week, now averaging 36 cents per kWh.
State-by-State Breakdown
Most Expensive Gasoline Markets:
- California – $4.82
- Hawaii – $4.49
- Washington – $4.26
- Oregon – $3.90
- Nevada – $3.89
- Alaska – $3.60
- Illinois – $3.43
- Pennsylvania – $3.30
- Idaho – $3.30
- Utah – $3.30
Least Expensive Gasoline Markets:
- Mississippi – $2.64
- Louisiana – $2.70
- Oklahoma – $2.73
- Arkansas – $2.74
- Alabama – $2.75
- Tennessee – $2.75
- Texas – $2.76
- South Carolina – $2.77
- Missouri – $2.82
- Kansas – $2.83
Most Expensive EV Charging Markets (per kWh):
- Hawaii – 54 cents
- Alaska – 47 cents
- West Virginia – 47 cents
- Montana – 44 cents
- Louisiana – 43 cents
- Kentucky – 42 cents
- Tennessee – 42 cents
- Idaho – 42 cents
- South Carolina – 41 cents
- New Hampshire – 40 cents
Least Expensive EV Charging Markets (per kWh):
- Kansas – 22 cents
- Missouri – 25 cents
- Delaware – 26 cents
- Iowa – 27 cents
- Nebraska – 29 cents
- Utah – 29 cents
- Texas – 30 cents
- Maryland – 30 cents
- Vermont – 30 cents
- North Carolina – 31 cents
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