For the first time since March, national average for a gallon of gasoline is below $4.00 per gallon

Drives are getting a break at the pump as the summer travel season heats up. For the first time since March 30, the national average for a gallon of regular gasoline is down to $3.99. This marks nearly 4 straight weeks of declines. Crude oil prices are down as the U.S. and Iran reach a deal to reopen the Strait of Hormuz. Sliding gas prices come as millions of Americans prepare to travel for Independence Day in record numbers starting next weekend. 

Today’s National Average: $3.999 

One Week Ago: $4.129 

One Month Ago: $4.515 

One Year Ago: $3.188 

According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.73 million b/d to 9.21 million. Total domestic gasoline supply decreased from 215.1 million barrels to 214.2 million. Gasoline production increased last week, averaging 10.1 million barrels per day. 

Oil Market Dynamics 

At the close of Wednesday’s formal trading session, WTI rose 74 cents to settle at $76.79 a barrel. The EIA reports crude oil inventories decreased by 8.3 million barrels from the previous week. At 418.2 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year. 

State Stats 

Gas 

The nation’s top 10 most expensive gasoline markets are California ($5.64), Hawaii ($5.57), Washington ($5.43), Alaska ($5.04), Oregon ($4.92), Nevada ($4.84), Idaho ($4.32), Arizona ($4.29), New York ($4.29), and Illinois ($4.28). 

The nation’s top 10 least expensive gasoline markets are Indiana ($3.39), Texas ($3.49), Oklahoma ($3.50), South Carolina ($3.58), Tennessee ($3.58), Louisiana ($3.59), North Carolina ($3.60), Mississippi ($3.61), Alabama ($3.61), and Arkansas ($3.61).