Gas Prices Remain High as August Will Likely Set New Record

The national average for a gallon of regular gasoline is one cent lower than last week at $4.09, but there’s been little movement on the crude oil front. Due to continued volatility in the Strait of Hormuz, crude oil prices remain in the $80 per barrel range. For the first time ever, the national average in August has been above $4 per gallon every day. This month is poised to set a new record as the most expensive August at the pump, surpassing the previous August record set in 2022. 

Today’s National Average: $4.0997 

One Week Ago: $4.1044 

One Month Ago: $4.1097 

One Year Ago: $3.2081 

According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.68 million barrels per day to 9.04 million. Total domestic gasoline supply decreased from 209.4 million barrels to 206.8 million. Gasoline production increased last week, averaging 9.8 million barrels per day. 

At the close of Wednesday’s formal trading session, WTI fell 13 cents to settle at $82.23 a barrel. The EIA reports that crude oil inventories increased by 0.1 million barrels from the previous week. At 428.9 million barrels, U.S. crude oil inventories are 1% above the five-year average for this time of year. 

State Stats 

Gas 

The nation’s top 10 most expensive gasoline markets are California ($5.63), Hawaii ($5.41), Washington ($5.27), Alaska ($4.81), Nevada ($4.81), Oregon ($4.76), Idaho ($4.57), Arizona ($4.54), Wyoming ($4.41), and Utah ($4.40).  

The nation’s top 10 least expensive gasoline markets are Indiana ($3.46), Texas ($3.63), Mississippi ($3.65), South Carolina ($3.67), Louisiana ($3.69), Tennessee ($3.69), Alabama ($3.71), Kentucky ($3.73), Arkansas ($3.74), and North Carolina ($3.76).