Drivers across the U.S. are seeing relief at the pump as summer kicks off, with the national average for gas dropping to $3.16 per gallon—about 3 cents less than a week ago, according to AAA.
Fuel prices are now back to where they were a month ago and well below last year’s average of $3.57 per gallon. The dip comes as crude oil prices hover around $61.84 per barrel, far below previous highs.
“Drivers are reaping the benefits at the pump,” AAA said in its latest fuel price update released Thursday.
However, AAA warns that the Atlantic hurricane season could change things. NOAA forecasts a 60% chance of an above-normal season, and storms along the Gulf Coast could disrupt refinery operations and fuel delivery, leading to temporary spikes in prices.
Gasoline demand rose significantly last week, jumping from 8.64 million barrels per day (b/d) to 9.45 million, while total gasoline supply fell from 225.5 million barrels to 223.1 million. Gasoline production averaged 9.8 million b/d.
Crude oil inventories also dropped by 2.8 million barrels, putting U.S. reserves about 6% below the five-year average for this time of year.
Electric vehicle drivers are seeing stable costs. The national average for public EV charging remains at 36 cents per kilowatt hour.
State Gas Price Rankings
Most expensive gas markets:
-
California: $4.81
-
Hawaii: $4.48
-
Washington: $4.42
-
Oregon: $4.02
-
Nevada: $3.90
-
Alaska: $3.66
-
Illinois: $3.39
-
Idaho: $3.34
-
Arizona: $3.33
-
Utah: $3.31
Least expensive gas markets:
-
Mississippi: $2.65
-
Louisiana: $2.72
-
Tennessee: $2.72
-
Alabama: $2.74
-
Texas: $2.75
-
Arkansas: $2.80
-
South Carolina: $2.82
-
North Carolina: $2.84
-
Missouri: $2.86
-
Kentucky: $2.88
State EV Charging Rankings:
Most expensive for public EV charging (per kWh):
-
Alaska: 51¢
-
West Virginia: 49¢
-
Tennessee: 48¢
-
Hawaii: 46¢
-
Montana: 45¢
-
Louisiana: 44¢
-
New Hampshire, South Carolina, Arkansas, Kentucky: 42¢
Least expensive for public EV charging (per kWh):
-
Kansas: 25¢
-
Missouri: 27¢
-
Maryland: 28¢
-
Delaware: 29¢
-
Nebraska, Utah: 30¢
-
Iowa: 32¢
-
Massachusetts, New Mexico, D.C.: 33¢
This article, “Gas Prices Stay Low Heading into Summer, But Hurricanes Could Change That” was first published on Small Business Trends