For the First Time in Four Years, National Average Exceeds $4/Gallon

The national average for a gallon of regular exceeded $4/gallon this week for the first time since August 2022. Today’s average of $4.08 is ten cents higher than last week and $1.08 higher than a month ago. Crude oil prices have been surging, surpassing $100/barrel, as the conflict in the Middle East continues and the Strait of Hormuz remains closed. In 2022, gas prices remained elevated from March through August, peaking in June when the national average reached a record of $5/gallon for one week. 

Today’s National Average: $4.081 

One Week Ago: $3.981 

One Month Ago: $2.997 

One Year Ago: $3.238 

According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 8.92 million b/d to 8.68 million. Total domestic gasoline supply decreased from 241.4 million barrels to 240.9 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 $1.26 to settle at $100.12 a barrel. The EIA reports crude oil inventories increased by 5.5 million barrels from the previous week. At 461.6 million barrels, U.S. crude oil inventories are about 0.1% 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 stayed the same this past week at 41 cents. 

State Stats 

Gas 

The nation’s top 10 most expensive gasoline markets are California ($5.89), Hawaii ($5.50), Washington ($5.36), Oregon ($4.96), Nevada ($4.94), Arizona ($4.68), Alaska ($4.59), Idaho ($4.26), Illinois ($4.26), and Florida ($4.23). 

The nation’s top 10 least expensive gasoline markets are Oklahoma ($3.27), Kansas ($3.33), Nebraska ($3.42), North Dakota ($3.43), Iowa ($3.48), Missouri ($3.48), South Dakota ($3.52), Arkansas ($3.52), Minnesota ($3.54), and Georgia ($3.70).