U.S. airstrikes over the weekend caused petroleum futures to spike Sunday evening, with oil creeping up to $78/bbl. That quickly dissipated by Monday, and as of this morning, oil prices are back to what they were pre-conflict, and the national average for a gallon of gas only rose two cents to $3.22.
Meanwhile, California gas prices dropped three cents since last week to an average of $4.62. That’s down 19 cents since last year when Californians were paying $4.81 per gallon.
With Independence Day around the corner, and 61.6 million holiday travelers preparing to hit the road next week, gas prices may increase slightly.
“The vast majority of people traveling for Independence Day will be hitting the road,” said Doug Johnson, spokesperson, AAA Mountain West Group. “Gas prices across the country remain cheaper than last year, and that’s good news for drivers despite the tumultuous week for the oil market.”
Fuel Prices Around the State:
- San Francisco: $4.82
- Oakland: $4.73
- San Jose: $4.68
- Sacramento: $4.60
- Fresno: $4.68
- Stockton: $4.54
According to new data from the Energy Information Administration (EIA), gasoline demand increased from 9.29 million b/d last week to 9.68. Total domestic gasoline supply decreased from 230 million barrels to 227.9. Gasoline production remained flat last week, averaging 10.1 million barrels per day.
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI is up 55 cents to settle at $64.92 a barrel. The EIA reports that crude oil inventories decreased by 5.8 million barrels from the previous week. At 415.1 million barrels, U.S. crude oil inventories are about 11% below the five-year average for this time of year.
EV Charging
The national average per kilowatt hour of electricity at a public EV charging station stayed the same this past week at 36 cents.
State Stats
Gas
The nation’s top 10 most expensive gasoline markets are California ($4.62), Hawaii ($4.47), Washington ($4.45), Oregon ($4.06), Nevada ($3.81), Alaska ($3.74), Illinois ($3.49), Idaho ($3.43), Pennsylvania ($3.39), and Utah ($3.37).
The nation’s top 10 least expensive gasoline markets are Mississippi ($2.73), Oklahoma ($2.81), Texas ($2.82), Tennessee ($2.82), Louisiana ($2.82), Arkansas ($2.83), Alabama ($2.84), Missouri ($2.85), South Carolina ($2.91), and Kansas ($2.91).
Electric
The nation’s top 10 most expensive states for public charging per kilowatt hour are West Virginia (51 cents), Alaska (51 cents), Tennessee (47 cents), Montana (46 cents), Hawaii (45 cents), North Dakota (42 cents), New Hampshire (42 cents), Kentucky (42 cents), South Carolina (42 cents), and Louisiana (42 cents).
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (26 cents), Missouri (27 cents), Maryland (27 cents), Nebraska (30 cents), Delaware (30 cents), Utah (30 cents), Iowa (32 cents), Washington DC (32 cents), Colorado (33 cents), and North Carolina (33 cents).
Find current fuel prices at gasprices.aaa.com. Find local news releases at mwg.aaa.com/news/press-release.
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