According to AAA, gasoline prices in the U.S. rose three cents this week, with the national average reaching $3.13 per gallon. The modest increase comes despite lower oil costs, falling gasoline demand and growing domestic gasoline inventories.
AAA spokesman Andrew Gross attributed the price increase to winter-related disruptions. “The culprit for the price increase is probably old man Winter,” Gross said. “It's a little more difficult to distribute gasoline in bad weather, and refineries don't work well in subzero temperatures either.”
According to the Energy Information Administration (EIA), gasoline demand fell significantly from 8.32 million barrels per day (b/d) to 8.08 million b/d. Meanwhile, domestic gasoline inventories rose to 245.9 million barrels from 243.6 million barrels. Despite the increase in inventories, gasoline production fell, averaging 9.2 million barrels per day last week.
Compared to a month ago, today's nationwide average price is nine cents higher. It is also five cents higher than at the same time last year.
West Texas Intermediate (WTI) crude oil prices fell 39 cents to close at $75.44 a barrel on Wednesday. Crude oil inventories fell by 1 million barrels, leaving total U.S. inventories at 411.7 million barrels, according to the EIA, about 6% below the five-year average for this time of year.
The highest gasoline prices in the country were reported in Hawaii ($4.54), California ($4.44) and Washington ($3.93). Meanwhile, Mississippi ($2.68), Oklahoma ($2.71) and Texas ($2.74) had the lowest averages.
Top 10 Most Expensive Gasoline Markets
- Hawaii: $4.54
- California: $4.44
- Washington: $3.93
- Nevada: $3.66
- Oregon: $3.54
- Pennsylvania: $3.38
- Maryland: $3.35
- Alaska: $3.32
- Illinois: $3.29
- Washington, DC: $3.28
The 10 Cheapest Gasoline Markets
- Mississippi: $2.68
- Oklahoma: $2.71
- Texas: $2.74
- Louisiana: $2.76
- Arkansas: $2.77
- Tennessee: $2.78
- Kentucky: $2.78
- Alabama: $2.81
- Kansas: $2.81
- Missouri: $2.83
While gasoline prices rose slightly, the national average cost of public electric vehicle charging remained stable at 34 cents per kilowatt hour. States like Kansas (22 cents), Nebraska (25 cents) and Missouri (25 cents) offered the cheapest public charging options. Hawaii (53 cents) remained the most expensive state for electric vehicle charging.
Top 10 States with the Lowest Public Charging Costs (per Kilowatt Hour)
- Kansas: 22 cents
- Nebraska: 25 cents
- Missouri: 25 cents
- Maryland: 26 cents
- Delaware: 27 cents
- Texas: 28 cents
- Utah: 29 cents
- Michigan: 29 cents
- North Dakota: 30 cents
- Iowa: 31 cents
Top 10 Most Expensive States for Public Charging (per kilowatt hour)
- Hawaii: 53 cents
- Montana: 45 cents
- West Virginia: 45 cents
- Idaho: 42 cents
- Tennessee: 42 cents
- Arkansas: 42 cents
- New Hampshire: 42 cents
- Kentucky: 41 cents
- South Carolina: 41 cents
- Alaska: 41 cents
Despite falling oil prices and weak gasoline demand, winter weather challenges could continue to impact refining operations and distribution networks, keeping gas prices stable or slightly elevated in the coming weeks.