Gas Prices Dip as Summer Approaches

Gasoline prices are on the decline despite the approach of peak travel season, according to AAA. The national average price for a gallon of gas has dropped by three cents over the past week, settling at $3.15 as of May 8. This marks a decrease of nearly 49 cents compared to one year ago.

AAA attributes the decrease to a lull in demand between spring and summer travel periods. Additionally, OPEC+ recently announced it will increase oil output again in June, expanding the global supply surplus. This development could contribute to further declines in crude oil prices, potentially keeping pump prices low for summer travelers.

National Averages and Demand Trends

The following are the changes in national average gas prices over various timeframes:

• Today’s National Average: $3.152
• One Week Ago: $3.186
• One Month Ago: $3.246
• One Year Ago: $3.640

According to the Energy Information Administration (EIA), gasoline demand decreased from 9.09 million barrels per day (b/d) last week to 8.71 million b/d. Meanwhile, total domestic gasoline supply increased slightly, from 225.5 million barrels to 225.7 million barrels. Gasoline production dipped, averaging 9.7 million b/d last week.

Oil Market Overview

On Wednesday, West Texas Intermediate (WTI) crude oil prices closed down by $1.02, settling at $58.07 per barrel. The EIA reports that U.S. crude oil inventories fell by 2 million barrels to a total of 438.4 million barrels. This puts inventories about 7% below the five-year average for this time of year.

Electric Vehicle Charging Costs

The average national cost per kilowatt hour (kWh) at public EV charging stations rose by two cents from the previous week, now averaging 36 cents per kWh.

State-by-State Breakdown

Most Expensive Gasoline Markets:

1. California – $4.82
2. Hawaii – $4.49
3. Washington – $4.26
4. Oregon – $3.90
5. Nevada – $3.89
6. Alaska – $3.60
7. Illinois – $3.43
8. Pennsylvania – $3.30
9. Idaho – $3.30
10. Utah – $3.30

Least Expensive Gasoline Markets:

1. Mississippi – $2.64
2. Louisiana – $2.70
3. Oklahoma – $2.73
4. Arkansas – $2.74
5. Alabama – $2.75
6. Tennessee – $2.75
7. Texas – $2.76
8. South Carolina – $2.77
9. Missouri – $2.82
10. Kansas – $2.83

Most Expensive EV Charging Markets (per kWh):

1. Hawaii – 54 cents
2. Alaska – 47 cents
3. West Virginia – 47 cents
4. Montana – 44 cents
5. Louisiana – 43 cents
6. Kentucky – 42 cents
7. Tennessee – 42 cents
8. Idaho – 42 cents
9. South Carolina – 41 cents
10. New Hampshire – 40 cents

Least Expensive EV Charging Markets (per kWh):

1. Kansas – 22 cents
2. Missouri – 25 cents
3. Delaware – 26 cents
4. Iowa – 27 cents
5. Nebraska – 29 cents
6. Utah – 29 cents
7. Texas – 30 cents
8. Maryland – 30 cents
9. Vermont – 30 cents
10. North Carolina – 31 cents

This article, "Gas Prices Dip as Summer Approaches" was first published on Small Business Trends