As Spring Equinox Arrives, Gas Prices Continue to Climb

Today marks the official start of Spring and prices at the pump continued to climb by 28 cents since last week. With the Spring equinox ushering in warmer weather and more time on the road, gas prices are trending upward alongside seasonal demand. Last week’s announcement by the White House to release 172 million barrels of oil from its strategic reserves over four months has no immediate relief on the oil market as the price of a barrel of crude continues to climb.   

Today’s National Average: $3.884 

One Week Ago: $3.598  

One Month Ago: $2.929 

One Year Ago: $3.102 

According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 9.24 million b/d to 8.72 million. Total domestic gasoline supply decreased from 249.5 million barrels to 244.0 million. Gasoline production decreased last week, averaging 9.4 million barrels per day.  

Oil Market Dynamics  

At the close of Wednesday’s formal trading session, WTI rose 11 cents to settle at $96.32 a barrel. The EIA reports crude oil inventories increased by 6.2 million barrels from the previous week. At 449.3 million barrels, U.S. crude oil inventories are about 1% below 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 this past week at 41 cents.  

State Stats  

Gas  

The nation’s top 10 most expensive gasoline markets are California ($5.61), Washington ($5.14), Hawaii ($5.07), Oregon ($4.70), Nevada ($4.66), Arizona ($4.43), Alaska ($4.42), Illinois ($4.04), Idaho ($3.98), and District of Columbia ($3.96).  

The nation’s top 10 least expensive gasoline markets are Oklahoma ($3.24), Kansas ($3.24), Iowa ($3.34), Arkansas ($3.34), North Dakota ($3.35), South Dakota ($3.36), Nebraska ($3.37), Missouri ($3.38), Minnesota ($3.43), and Mississippi ($3.48).