AAA Reports Nationwide Gas Prices Increase 25 Cents for Second Consecutive Week

Drivers are seeing another sharp increase at the pump, with the national average for a gallon of regular gasoline rising 25 cents for the second consecutive week to $4.55. Pump prices are now $1.40 higher than they were a year ago and have reached their highest level since 2022, when the national average peaked at $5.01 per gallon. While crude oil prices dipped below $100 per barrel amid ongoing negotiations to reopen the Strait of Hormuz, gasoline prices continue to face upward pressure from global supply concerns.

Today’s National Average: $ 4.558

One Week Ago: $4.300

One Month Ago: $ 4.140

One Year Ago: $ 3.154

According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 9.10 million b/d to 8.81 million. Total domestic gasoline supply decreased from 222.3 million barrels to 219.8 million. Gasoline production decreased last week, averaging 9.6 million barrels per day.

Oil Market Dynamics 

At the close of Wednesday’s formal trading session, WTI fell $ 7.19 to settle at $95.08 a barrel. The EIA reports crude oil inventories decreased by 2.3 million barrels from the previous week. At 457.2 million barrels, U.S. crude oil inventories are about 1% above the five-year average for this time of year

EV Charging 

The national average per kilowatt hour of electricity at a public EV charging station remained the same at 41 cents. 

State Stats 

Gas 

The nation’s top 10 most expensive gasoline markets are California ($6.16), Washington ($5.76), Hawaii ($5.66), Oregon ($5.34), Nevada ($5.23), Alaska ($5.21), Illinois ($4.99), Arizona ($4.84), Ohio ($4.78), and Michigan ($4.78).

The nation’s top 10 least expensive gasoline markets are Oklahoma ($3.98), Mississippi ($4.00), Louisiana ($4.02), Arkansas ($4.02), Nebraska ($4.08), Texas ($4.09), Georgia ($4.09), Alabama ($4.10), Kansas ($4.11), and Missouri ($4.16).