National Gas Prices Hit 4.43 Dollars a Gallon

The national average price for regular gasoline rose 16 cents last week to reach 4.43 dollars per gallon. This marks a significant increase from the 4.06 dollars recorded one month ago. Drivers currently pay more than 1.20 dollars more than they did a year ago, when the average was 3.20 dollars. Current levels are approaching the peak of 4.56 dollars set in May this year.

Crude oil prices remain high, averaging around 100 dollars per barrel. Volatility in the Strait of Hormuz continues to drive these costs. West Texas Intermediate crude settled at 102.43 dollars per barrel after a 3.40 dollar drop. These figures are reported by GN auto markets/energy: crude oil prices.

Supply and demand metrics

U.S. Energy Information Administration data shows gasoline demand increased to 8.79 million barrels per day. This is up from 8.55 million barrels per day in the previous week. Domestic gasoline supplies rose slightly to 207.7 million barrels. Production increased to 9.6 million barrels per day from 9.3 million.

U.S. crude oil inventories decreased by 600,000 barrels. The total stockpile now stands at 423.4 million barrels. This level is about 1 percent above the five-year average. The reduction in inventory contributes to the sustained pressure on pump prices.

Regional price variations

California recorded the highest national average at 6.08 dollars per gallon. Washington state followed with an average of 5.57 dollars. Hawaii had the third highest price at 5.48 dollars per gallon. Indiana had the lowest average price in the nation at 3.92 dollars.

Texas and Mississippi tied for the second lowest average at 3.93 dollars. The national average for public electric vehicle charging remained stable. It held at 42 cents per kilowatt-hour. New Jersey ranks among the ten most expensive states for EV charging at 45 cents.