The national average price of a gallon of gasoline is nearing a milestone and is now just under 10 cents away from falling below $3 for the first time since May 2021. However, the possible formation of Hurricane Sara in the Gulf of Mexico could disrupt this decline. according to AAA.
“Hurricane Rafael fizzled out, but now we face the potential formation of Hurricane Sara,” said AAA spokesman Andrew Gross. “Some of the early tracking models see them heading to Florida in the middle of next week, so stay tuned.”
Current gas prices and trends
Today, the national average price for a gallon of gasoline is $3.08, down two cents from last week. Prices are now 12 cents lower than a month ago and 27 cents lower than this time last year. Demand for gasoline rose to 9.38 million b/d from 8.82 million barrels per day (b/d) last week, while domestic gasoline inventories fell to 206.8 million barrels from 211.3 million barrels. Meanwhile, gasoline production rose to an average of 10.3 million barrels per day last week.
Oil market update
On Wednesday, West Texas Intermediate (WTI) crude oil rose 31 cents to trade at $68.43 a barrel. The Energy Information Administration (EIA) reports that U.S. crude oil inventories rose 2.1 million barrels to 429.7 million barrels, about 4% below the five-year average for this time of year.
Gas Price Breakdown
- Top 10 Most Expensive Gasoline Markets: Hawaii ($4.58), California ($4.48), Washington ($3.99), Nevada ($3.76), Oregon ($3.56), Alaska ($3.52), Pennsylvania ($3.26), Washington, DC ($3.25), Illinois ($3.25) and Idaho ($3.19).
- The 10 Cheapest Gasoline Markets: Oklahoma ($2.59), Mississippi ($2.66), Texas ($2.68), Missouri ($2.69), Arkansas ($2.70), Kansas ($2.71), Tennessee ($2.72), Louisiana ($2.76), Alabama ($2.76) and Iowa ($2.78). ).
Electricity prices for public charging stations
AAA also tracks the average cost per kilowatt hour (kWh) of charging public electric vehicles (EV) by state. Today's national average is still 34 cents per kWh.
- Top 10 States with the Lowest Public Charge Costs: Kansas (21 cents), Missouri (24 cents), Nebraska (26 cents), North Dakota (27 cents), Texas (28 cents), Utah (29 cents), Vermont (30 cents), Washington, DC (30 cents ). ) and Michigan (30 cents).
- Top 10 Most Expensive States for Public Fees: Hawaii (56 cents), West Virginia (44 cents), Montana (43 cents), New Hampshire (42 cents), South Carolina (42 cents), Arkansas (41 cents), Kentucky (41 cents), Idaho (41 cents ). ), Alaska (41 cents) and Tennessee (40 cents).