Lower Crude Oil Prices Driving Down National Average of Gasoline

The national average for a gallon of regular gasoline fell three cents this past week to $4.06. Crude oil prices are down in the $70 per barrel range amid optimism that the Strait of Hormuz will resume normal operations. Currently, half of states are paying below $4 per gallon on average. Gas prices typically start going down this time of year, as many schools and universities begin fall semesters, and fewer people are taking road trips compared to earlier in the summer. 

Today’s National Average: $4.063 

One Week Ago: $4.098 

One Month Ago: $3.796 

One Year Ago: $3.170 

According to new data from the Energy Information Administration (EIA), gasoline demand decreased slightly last week from 9.04 million barrels per day to 9.03 million. Total domestic gasoline supply decreased from 211.3 million barrels to 209.7 million. Gasoline production also decreased, averaging 9.6 million barrels per day. 

At the close of Wednesday’s formal trading session, WTI fell 55 cents to settle at $75.22 a barrel. The EIA reports that crude oil inventories increased by 2.5 million barrels from the previous week. At 407 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 ($5.62), Hawaii ($5.45), Washington ($5.14), Nevada ($4.78), Alaska ($4.77), Oregon ($4.67), Arizona ($4.38), Idaho ($4.35), Utah ($4.35), and Illinois ($4.30). 

The nation’s top 10 least expensive gasoline markets are Indiana ($3.54), South Carolina ($3.61), Tennessee ($3.61), Louisiana ($3.62), Texas ($3.62), Mississippi ($3.63), Kentucky ($3.63), Oklahoma ($3.64), Arkansas ($3.68), and Alabama ($3.68). 

Drivers can find current gas and electric charging prices along their route using the AAA TripTik Travel planner.