Pump Prices Keep Climbing as Crude Oil Remains High

The national average for a gallon of regular gasoline is up 19 cents from last week at $4.46 and more than one dollar higher than it was a year ago. Crude oil remains high, averaging $100 per barrel amid continued volatility in the Strait of Hormuz. Gas prices are back to what they were earlier this year during the spring, and the national average is inching closer to this year’s record high of $4.56 set on May 21. The all-time high for the national average is $5.01 set on June 14, 2022. 

Today’s National Average: $4.46

One Week Ago: $4.29

One Month Ago: $4.0636 

One Year Ago: $3.2003 

According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.55 million barrels per day to 8.79 million. Total domestic gasoline supply also increased from 206.9 million to 207.7 million barrels, as well as gasoline production from 9.3 million barrels per day to 9.6 million barrels. 

At the close of Wednesday’s formal trading session, WTI fell $3.40 to settle at $102.43 a barrel. The EIA reports that U.S. crude oil inventories decreased 0.6 million barrels to 423.4 million barrels, 1% above the five-year average. 

State Stats 

Gas 

The nation’s top 10 most expensive gasoline markets are California ($6.08), Washington ($5.57), Hawaii ($5.48), Nevada ($5.19), Oregon ($5.11), Alaska ($5.07), Idaho ($4.85), Utah ($4.81), Illinois ($4.78), and Michigan ($4.75).  

The nation’s top 10 least expensive gasoline markets are Indiana ($3.92), Texas ($3.93), Mississippi ($3.93), Louisiana ($3.97), Alabama ($3.99), Arkansas ($4.03), Oklahoma ($4.04), Tennessee ($4.05), Kansas ($4.06), and Georgia ($4.08).