High Crude Oil Prices Push Up National Average

The national average for a gallon of regular gasoline is up 3 cents from last week at $4.10, which marks the highest it’s ever been on this date. This August is shaping up to be the highest on record. So far, the monthly average is $4.06, currently surpassing 2022 when the monthly average for August was $3.97. Even though gasoline demand is down, which is typical for this time of year, crude oil is pushing up the national average. Crude oil prices remain in the $80 per barrel range amid continued instability in the Strait of Hormuz. 

Today’s National Average: $4.1044 

One Week Ago: $4.0715 

One Month Ago: $4.0032 

One Year Ago: $3.1337 

According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 8.96 million barrels per day to 8.68 million. Total domestic gasoline supply increased from 208.7 million barrels to 209.4 million. Gasoline production also increased last week, averaging 9.7 million barrels per day. 

At the close of Wednesday’s formal trading session, WTI rose 89 cents to settle at $85.83 a barrel. The EIA reports that crude oil inventories increased by 4.4 million barrels from the previous week. At 428.8 million barrels, U.S. crude oil inventories are matching the five-year average for this time of year. 

State Stats 

Gas 

The nation’s top 10 most expensive gasoline markets are California ($5.58), Hawaii ($5.42), Washington ($5.24), Alaska ($4.83), Nevada ($4.77), Oregon ($4.75), Idaho ($4.49), Colorado ($4.47), Arizona ($4.46), and Illinois ($4.39).  

The nation’s top 10 least expensive gasoline markets are Indiana ($3.56), Texas ($3.64), Tennessee ($3.66), Mississippi ($3.66), South Carolina ($3.68), Louisiana ($3.68), Kentucky ($3.70), Alabama ($3.74), North Carolina ($3.76), and Arkansas ($3.80).