According to AAA, gas prices across the country are stable, with the national average hovering at $3.06 per gallon for the second week in a row. Meanwhile, the cost of charging public electric vehicles (EVs) has remained at 34 cents per kilowatt-hour for nearly five months.
“Looking back to 2024, the national average high was $3.67 on April 19 and the low was $3.01 on December 10,” AAA spokesman Andrew Gross said. “If the national average follows a seasonal basis, it could probably move up or down a few cents over the next two months.”
Despite fluctuations in production and demand, gas prices in 2024 averaged $3.30 per gallon, 21 cents lower than the 2023 average. The current price is 5 cents higher than it was a month ago, but it’s still a penny lower than it was at this time last year.
The Energy Information Administration (EIA) reported an increase in gasoline demand, increasing from 8.16 million barrels per day the previous week to 8.48 million barrels per day last week. However, gasoline production fell to 8.9 million barrels per day. Total domestic gasoline inventories increased significantly from 231.4 million barrels to 237.7 million barrels.
The United States continues to dominate global oil production, a trend established from 2018 to 2023. Crude oil production in 2023 averaged 12.9 million barrels per day, surpassing the previous U.S. and global record of 12.3 million barrels set in 2019.
EIA predicts that these numbers will solidify the United States’ position as the world’s top oil producer, with no immediate challenges expected from other countries.
At the close of trading on Wednesday, West Texas Intermediate (WTI) crude oil fell 93 cents to settle at $73.32 a barrel. U.S. crude oil inventories fell by 1 million barrels to a total of 414.6 million barrels, 6% below the five-year average for the period.
Gas prices continue to vary widely by region. The most expensive gasoline markets include Hawaii ($4.53), California ($4.38) and Washington ($3.90). The least expensive states are Oklahoma ($2.60), Mississippi ($2.62), and Kansas ($2.68).
For EV drivers, public charging prices also vary. Kansas has the lowest average cost at 22 cents per kilowatt hour, and Hawaii leads the nation at 56 cents per kilowatt hour.
