Gas prices in the U.S. are rising as refineries begin their seasonal switch to summer blend fuel, pushing the national average to $3.16 per gallon, according to AAA. Routine maintenance and an offline refinery in Northern California are further tightening supply, contributing to the price increase.
The shift to summer blend fuel, a routine adjustment designed to reduce emissions in warmer weather, historically results in higher fuel costs. In addition to this transition, gasoline demand increased from 8.32 million barrels per day (b/d) to 8.57 million b/d over the past week, while total domestic gasoline supply declined from 251.1 million barrels to 248.1 million barrels, according to data from the Energy Information Administration (EIA). Meanwhile, gasoline production rose slightly, averaging 9.3 million b/d last week.
The national average gas price of $3.16 per gallon is up 10 cents from a month ago, though it remains 6 cents lower than a year ago. Electricity costs at public EV charging stations remain stable at 34 cents per kilowatt hour (kWh) nationwide.
Crude oil prices have fluctuated amid changing market conditions. At the close of trading on Wednesday, West Texas Intermediate (WTI) crude fell $1.95, settling at $71.37 per barrel. Crude oil inventories increased by 4.1 million barrels from the previous week, bringing total U.S. stockpiles to 427.9 million barrels, approximately 4% below the five-year average for this time of year.
Most and Least Expensive Gas Markets
California leads the nation with the highest gas prices at $4.79 per gallon, followed by Hawaii ($4.55), Washington ($4.10), and Nevada ($3.85). The lowest prices are found in Mississippi ($2.68), Texas ($2.74), and Oklahoma ($2.75).
Public EV Charging Costs
Hawaii remains the most expensive state for public EV charging at 55 cents per kWh, followed by West Virginia (47 cents) and Montana (44 cents). The lowest charging costs are in Kansas (22 cents per kWh), Nebraska (24 cents), and Maryland (25 cents).
With refineries undergoing seasonal maintenance and supply tightening, gas prices are expected to continue rising as spring approaches. Consumers should anticipate fluctuating fuel costs in the coming weeks, particularly in high-demand regions.
This article, “Gas Prices Climb as Refineries Transition to Summer Blend Fuel” was first published on Small Business Trends