The national average for a gallon of regular gasoline exceeded $4/gallon this week for the first time since August 2022. Today’s average of $4.08 is ten cents higher than last week and $1.08 higher than a month ago. Crude oil prices have been surging, surpassing $100/barrel, as the conflict in the Middle East continues and the Strait of Hormuz remains closed.
In 2022, gas prices remained elevated from March through August, peaking in June when the national average reached a record of $5/gallon for one week.
- Today’s National Average: $4.081
- One Week Ago: $3.981
- One Month Ago: $2.997
- One Year Ago: $3.238
According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 8.92 million b/d to 8.68 million.
Total domestic gasoline supply decreased from 241.4 million barrels to 240.9 million. Gasoline production decreased last week, averaging 9.6 million barrels per day.
Oil market dynamics
At the close of Wednesday’s formal trading session, WTI fell $1.26 to settle at $100.12 a barrel. The EIA reports crude oil inventories increased by 5.5 million barrels from the previous week. At 461.6 million barrels, U.S. crude oil inventories are about 0.1% above the five-year average for this time of year.
State stats
The nation’s top 10 most expensive gasoline markets are California ($5.89), Hawaii ($5.50), Washington ($5.36), Oregon ($4.96), Nevada ($4.94), Arizona ($4.68), Alaska ($4.59), Idaho ($4.26), Illinois ($4.26), and Florida ($4.23).
The nation’s top 10 least expensive gasoline markets are Oklahoma ($3.27), Kansas ($3.33), Nebraska ($3.42), North Dakota ($3.43), Iowa ($3.48), Missouri ($3.48), South Dakota ($3.52), Arkansas ($3.52), Minnesota ($3.54), and Georgia ($3.70).
EV Charging
The national average per kilowatt hour of electricity at a public EV charging station stayed the same this past week at 41 cents.
Still no where close as in 2022 under Biden.
You forgot to mention it reached $5 per gallon then. @@
The worldwide inflation and Russian invasion of Ukraine cause (one madman on the other side of the world) vs. one madman now in the US trying to distract from his misdeeds.
Worldwide inflation caused high gas prices in 2022, you say…? Maybe you or one of those other lefty geniuses can now explain how global inflation is still high with Can. over 7%, EU over 6%, UK almost 8% but yet, the USA has current inflation of 2.4%. Even China has high inflation currently.
So please, square that circle about the left’s/Biden’s excuse of “High global inflation led to high gas prices” but now, USA has controlled inflation of 2.4% and yet, Biden’s Ukraine war still goes on. Would not that same principle apply now…. but yet, it does not.
Per the gold medal geniuses of the victim Olympics….. “global inflation caused high gas prices in 2022”. Geniuses….absolute geniuses.
😂👍
Not sure what “news” you follow, but a simple Google search will tell you that Canada’s inflation raite is 1.8%, the E.U. has just risen to 2.5%, from 1.9% in February.The U.K. is presently at 3%. By the end of Biden’s term, inflation was at 2.9%, and gas was $3.11.
Oh, and China? 1.3%
According to AAA the national price of a gallon of gas briefly hit $5.02 on June 14 2022. Prices were highest in California & Alaska However the average cost for the year was $4.19. My concern is for the cost of groceries, since much gasoline and diesel goes into the cultivation, transportation and processing of foodstuffs.
Meh, the name of the President doesn’t really matter to me when I’m at the pump.
I didn’t like the price during the previous administration and I don’t the price under the current administration.
But I’m also old enough to remember the Iranian Oil Embargo where the price was high, availability low and getting ten gallons was entirely dependent on whether your license plate was odd or even.
Back then, my dad was less phased as he was old enough to remember rations with gas stamps during the war. That was even worse. Paying a lot for a little gas AND losing family from war. We kinda got it easy.
This is a temporary inconvenience. Nowhere’s near the inconveniences experienced by our brave military stopping rabid Shia mullahs from nuking their neighbors and us. Even the 1973 OPEC embargo was not inconvenient compared to WW2 rationing. This is not an endless war. Prices will drop. Current policies lead to abundant oil, an all in energy program, not just wind-solar.
Meanwhile pray for the safe returns of our brave military keeping us free from a nuclear war threat. We have so much to be thankful for, so many beautiful places to explore and camp in USA. No changes in our travel plans, campsites booked and we’re going. God bless USA.
Thank you for keeping us apprised of the national trends in fuel prices, RV Travel. This allows one to put local prices and price changes into a broader context and may lessen some negative emotional responses. Have a great day and safe travels!