US Gasoline Prices Hit $4.43 Amid High Crude Costs
The national average for regular gasoline rose 16 cents to $4.43 per gallon. This places the current price just 12 cents below the record high set in May.
The national average price for a gallon of regular gasoline reached $4.43. This figure represents an increase of 16 cents from the previous week. It is also more than one dollar higher than the price recorded a year ago. According to data from AAA, the current level is close to the all-time high of $5.01 established in June 2022.
Crude oil prices remain elevated at an average of $100 per barrel. This stability comes despite ongoing volatility in the Strait of Hormuz. WTI crude settled at $102.43 per barrel after a drop of $3.40 on Wednesday. US crude oil inventories decreased by 0.6 million barrels to a total of 423.4 million barrels.
Demand and Supply Metrics
Gasoline demand increased to 8.79 million barrels per day last week. This marks a rise from the previous 8.55 million barrels per day. Total domestic gasoline supply also grew to 207.7 million barrels. Production rates climbed to 9.6 million barrels per day from 9.3 million barrels per day.
Regional Price Disparities
California records the highest gas price at $6.08 per gallon. Washington follows with a price of $5.57 per gallon. Hawaii ranks third with an average of $5.48 per gallon. In contrast, Indiana offers the lowest price at $3.92 per gallon. Texas and Mississippi both report an average of $3.93 per gallon.
Electric Charging Costs
The national average cost for public electric vehicle charging held steady at 42 cents per kilowatt hour. West Virginia and Hawaii show the highest rates at 52 cents per kilowatt hour. Kansas records the lowest cost at 31 cents per kilowatt hour. Missouri and Iowa both charge 33 cents per kilowatt hour.
