The national average for a gallon of gas went down six cents this past week to $4.27, according to a recent report from AAA. The drop is fueled largely by the transition to winter-blend gasoline.
But high crude oil prices are preventing steep declines at the pump. Currently, the price for a barrel of crude oil is nearing $100 per barrel amid instability in the Strait of Hormuz. This month is poised to set a record as the most expensive October ever for gas prices following similar records set in August and September of this year.
According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.40 million barrels per day to 8.98 million. Total domestic gasoline supply decreased from 208.3 million barrels to 205.3 million. Gasoline production increased from 9.23 million barrels per day to 9.75 million barrels.
At the close of Wednesday’s formal trading session, WTI fell 67 cents to settle at $97.15 per barrel. The EIA reports that U.S. crude oil inventories decreased 3.1 million barrels to 412.5 million barrels, 3% below the five-year average.
The national average per kilowatt hour of electricity at a public EV charging station stayed the same this past week at 41 cents.
Gas
The nation’s top 10 most expensive gasoline markets are California ($6.08), Hawaii ($5.64), Washington ($5.34), Nevada ($5.33), Oregon ($4.90), Alaska ($4.88), Idaho ($4.74), Utah ($4.72), Illinois ($4.66) and Michigan ($4.60).
The nation’s top 10 least expensive gasoline markets are North Carolina ($3.55), Georgia ($3.70), Texas ($3.76), Tennessee ($3.82), Louisiana ($3.83), South Carolina ($3.84), Alabama ($3.86), Mississippi ($3.86), Indiana ($3.87) and Arkansas ($3.88).
Electric
The nation’s top 10 most expensive states for public charging per kilowatt hour are Hawaii (54 cents), West Virginia (52 cents), Louisiana (49 cents), Alaska (47 cents), California (47 cents), New Hampshire (47 cents), Arkansas (45 cents), North Dakota (44 cents), Arizona (43 cents) and Nevada (43 cents).
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (31 cents), Missouri (32 cents), Iowa (33 cents), Maryland (35 cents), Nebraska (35 cents), South Dakota (35 cents), Utah (35 cents), Vermont (36 cents), Minnesota (37 cents) and New Mexico (37 cents).
