The national average price for a gallon of gasoline is approaching a milestone, now just under 10 cents away from dipping below $3 for the first time since May 2021. However, the potential formation of Hurricane Sara in the Gulf of Mexico could disrupt this decline, according to AAA.
“Hurricane Rafael fizzled out, but now we are facing the possible formation of Hurricane Sara,” said Andrew Gross, AAA spokesperson. “Some of the early tracking models have her heading toward Florida by the middle of next week, so stay tuned.”
Current Gas Prices and Trends
As of today, the national average price for a gallon of gas is $3.08, marking a two-cent drop from last week. Prices are now 12 cents lower than a month ago and 27 cents less than this time last year. Demand for gasoline has increased from 8.82 million barrels per day (b/d) last week to 9.38 million b/d, while domestic gasoline stocks have decreased from 211.3 million barrels to 206.8 million barrels. Meanwhile, gasoline production increased to an average of 10.3 million barrels per day last week.
Oil Market Update
On Wednesday, West Texas Intermediate (WTI) crude oil rose 31 cents to settle at $68.43 per barrel. The Energy Information Administration (EIA) reports that U.S. crude oil inventories increased by 2.1 million barrels to 429.7 million barrels, which is about 4% below the five-year average for this time of year.
Gas Price Breakdown
- Top 10 Most Expensive Gasoline Markets: Hawaii ($4.58), California ($4.48), Washington ($3.99), Nevada ($3.76), Oregon ($3.56), Alaska ($3.52), Pennsylvania ($3.26), Washington, D.C. ($3.25), Illinois ($3.25), and Idaho ($3.19).
- Top 10 Least Expensive Gasoline Markets: Oklahoma ($2.59), Mississippi ($2.66), Texas ($2.68), Missouri ($2.69), Arkansas ($2.70), Kansas ($2.71), Tennessee ($2.72), Louisiana ($2.76), Alabama ($2.76), and Iowa ($2.78).
Electricity Prices for Public Charging Stations
AAA also tracks the average cost per kilowatt hour (kWh) for public electric vehicle (EV) charging by state. Today’s national average remains at 34 cents per kWh.
- Top 10 Least Expensive States for Public Charging: Kansas (21 cents), Missouri (24 cents), Nebraska (26 cents), North Dakota (27 cents), Texas (28 cents), Utah (29 cents), Vermont (30 cents), Washington, D.C. (30 cents), and Michigan (30 cents).
- Top 10 Most Expensive States for Public Charging: Hawaii (56 cents), West Virginia (44 cents), Montana (43 cents), New Hampshire (42 cents), South Carolina (42 cents), Arkansas (41 cents), Kentucky (41 cents), Idaho (41 cents), Alaska (41 cents), and Tennessee (40 cents).
This article, “Gas Prices Near $3 as Gulf Watches for Potential Hurricane Sara” was first published on Small Business Trends