As Spring Break kicks off across the U.S., drivers are seeing a modest but expected rise in gas prices, according to AAA. The national average for a gallon of gas has climbed three cents since last Thursday, now sitting at $3.15.
Gas prices typically begin their seasonal climb in spring and tend to peak during the summer months. However, despite the recent uptick, the national average remains about 40 cents lower than the same time last year. AAA attributes the lower year-over-year average to weak crude oil prices and subdued gasoline demand.
Data from the U.S. Energy Information Administration (EIA) indicates that gasoline demand fell slightly, from 8.81 million barrels per day to 8.64 million barrels per day. Domestic gasoline supply also dipped, decreasing from 240.6 million barrels to 239.1 million barrels. Gasoline production averaged 9.2 million barrels per day last week, showing a decrease in output.
Compared to a month ago, today’s national average is three cents higher. On a year-over-year basis, it is 38 cents lower.
Oil Market Trends
Crude oil prices also saw movement. At the close of trading on Wednesday, West Texas Intermediate (WTI) crude rose 65 cents to settle at $69.65 per barrel. EIA data showed a 3.3 million barrel decline in U.S. crude oil inventories from the previous week. Total inventories now stand at 433.6 million barrels, which is about 5% below the five-year average for this time of year.
EV Charging Rates Remain Stable
AAA also reported that the average national rate for public electric vehicle (EV) charging remained steady over the past week, holding at 34 cents per kilowatt hour.
Gas Price Extremes by State
California continues to lead the nation with the highest average gas price at $4.66 per gallon. It is followed by Hawaii ($4.52), Washington ($4.13), Nevada ($3.77), Oregon ($3.76), Illinois ($3.44), Alaska ($3.40), Arizona ($3.33), Idaho ($3.32), and Pennsylvania ($3.25).
Meanwhile, the least expensive gasoline markets are found in Mississippi ($2.68), Oklahoma ($2.72), Louisiana ($2.75), Texas ($2.76), Alabama ($2.77), Tennessee ($2.81), South Carolina ($2.81), Kentucky ($2.82), Kansas ($2.83), and Arkansas ($2.83).
Public EV Charging Costs by State
Among states, Hawaii tops the list with the highest per kilowatt hour rate for public EV charging at 56 cents. Other expensive states include West Virginia (46 cents), Montana (44 cents), South Carolina (42 cents), Tennessee (42 cents), Idaho (42 cents), Alaska (41 cents), Kentucky (41 cents), New Hampshire (40 cents), and Louisiana (39 cents).
The least expensive states for EV charging include Kansas (22 cents), Missouri (25 cents), Nebraska (26 cents), Iowa (26 cents), North Dakota (26 cents), Delaware (27 cents), Michigan (29 cents), Texas (29 cents), Utah (29 cents), and Washington, DC (30 cents).
Image: AAA
Este artículo, "Gas Prices Rise as Spring Travel Begins” fue publicado por primera vez el Tendencias de las pequeñas empresas