Gasoline prices across the United States have been declining in recent weeks, defying the usual seasonal pattern of increasing prices. Industry analysts attribute this price drop primarily to changes in global oil production and demand trends.
One significant factor impacting prices is the latest announcement from OPEC+, revealing plans to boost oil output by more than 400,000 barrels per day starting next month. This unexpected increase in supply has led to a reduction in global crude oil prices. Coupled with subdued consumer demand in the U.S., gas prices at the pump continue to move downward.
The U.S. Energy Information Administration (EIA) reports that gasoline consumption has decreased slightly, from 8.49 million barrels per day to 8.42 million barrels daily. Meanwhile, total domestic gasoline stocks also declined modestly, from 237.6 million barrels the previous week to 236 million barrels. U.S. gasoline production is averaging approximately 8.9 million barrels per day.
Currently, the nationwide average price for regular gasoline stands at $3.22 per gallon. While this price represents an increase from $3.08 per gallon one month ago, it remains notably lower compared to $3.61 a year earlier.
Regarding crude oil, prices have been influenced significantly by these recent developments. West Texas Intermediate (WTI) crude oil closed Wednesday’s formal trading session at $62.35 per barrel, an increase of $2.77 on the day. U.S. crude oil inventories rose by 2.6 million barrels last week, suggesting an increased available supply. Current crude stockpiles stand at approximately 442.3 million barrels, around five percent below the historical five-year seasonal average.
Price stability regarding electric vehicle (EV) public charging continues, with the national average cost remaining constant at 34 cents per kilowatt-hour.
Across individual states, California maintains the highest gasoline prices in the nation at an average of $4.92 per gallon. Following closely behind are Hawaii ($4.52 per gallon), Washington ($4.38), Oregon ($4.00), and Nevada ($3.97). Rounding out the ten costliest states for gasoline are Alaska ($3.65), Illinois ($3.46), Arizona ($3.39), Pennsylvania ($3.38), and Idaho ($3.35). On the other hand, Mississippi leads among states reporting the lowest gas prices, currently averaging $2.73 per gallon, followed by Tennessee, Oklahoma, Louisiana, and South Carolina.
For EV drivers using public charging stations, Hawaii tops the list with an average price of 56 cents per kilowatt-hour, followed by West Virginia at 47 cents. Montana, South Carolina, and Tennessee follow with rates ranging between 42 and 45 cents. Conversely, the states offering the lowest public EV charging rates are Kansas at 22 cents per kilowatt-hour, Missouri at 25 cents, followed by Iowa, North Dakota, Nebraska, and Delaware.
Overall, despite typical seasonal expectations suggesting a rise in fuel costs, current market conditions have delivered unexpected relief for drivers nationwide.
