AAA Gasoline Price Report

As holiday travelers start hitting the road today in record numbers, Memorial Day weekend gas prices are the highest they’ve been in four years. The national average for a gallon of regular is at $4.56, up 3 cents over last week and $1.38 higher than this time last year. Current prices are close to what drivers were paying 4 years ago, when the national average on Memorial Day was $4.61. With gasoline demand on the rise and the prolonged closure of the Strait of Hormuz, pump prices are likely to remain elevated as the summer travel season gets underway. 

Today’s National Average: $4.564 

One Week Ago: $4.534 

One Month Ago: $4.022 

One Year Ago: $3.183 

According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.75 million b/d to 8.76 million. Total domestic gasoline supply decreased from 215.7 million barrels to 214.2 million. Gasoline production decreased last week, averaging 9.3 million barrels per day. 

Oil Market Dynamics 

At the close of Wednesday’s formal trading session, WTI fell $5.89 to settle at $98.26 a barrel. The EIA reports crude oil inventories decreased by 7.9 million barrels from the previous week. At 445 million barrels, U.S. crude oil inventories are about 2% below the five-year average for this time of year. 

State Stats 

Gas 

The nation’s top 10 most expensive gasoline markets are California ($6.14), Washington ($5.78), Hawaii ($5.64), Oregon ($5.35), Alaska ($5.27), Nevada ($5.27), Illinois ($5.01), Arizona ($4.81), Colorado ($4.76), and Ohio ($4.76). 

The nation’s top 10 least expensive gasoline markets are Mississippi ($4.01), Georgia ($4.03), Indiana ($4.04), Louisiana ($4.05), Texas ($4.09), Oklahoma ($4.09), Kansas ($4.11), Arkansas ($4.12), Alabama ($4.17), and South Carolina ($4.17).