US Gas Prices Hit 4.43 Dollars Amid High Crude Costs

The national average price for a gallon of regular gasoline increased to 4.43 dollars this week. This represents a rise of 16 cents from the previous week. The current price is more than one dollar higher than the 3.20 dollar average recorded a year ago. Drivers are approaching the record high of 4.56 dollars set on May 21. The all-time high remains 5.01 dollars, recorded in June 2022.

Crude oil prices remain elevated due to volatility in the Strait of Hormuz. WTI crude settled at 102.43 dollars per barrel on Wednesday. This figure reflects a drop of 3.40 dollars during the trading session. U.S. crude oil inventories decreased by 0.6 million barrels to 423.4 million. This level sits 1 percent above the five-year average.

Supply and Demand Metrics Shift

Data from the Energy Information Administration shows increased gasoline demand. Weekly demand rose from 8.55 million to 8.79 million barrels per day. Total domestic gasoline supply increased from 206.9 million to 207.7 million barrels. Production also climbed from 9.3 million to 9.6 million barrels per day. These figures indicate a tightening market despite higher output.

Regional Price Disparities Persist

California leads the nation with an average gas price of 6.08 dollars per gallon. Washington follows at 5.57 dollars, and Hawaii records 5.48 dollars. At the lower end, Indiana drivers pay 3.92 dollars per gallon. Texas and Mississippi both average 3.93 dollars. The spread between the most and least expensive states exceeds two dollars.

Electric Charging Costs Remain Stable

The national average cost for public EV charging stayed at 42 cents per kilowatt hour. West Virginia and Hawaii report the highest rates at 52 cents. Kansas offers the lowest rate at 31 cents. Missouri and Iowa follow at 33 cents each. This stability contrasts with the recent upward trend in fossil fuel prices.