The national average price for a gallon of regular gasoline has seen a decrease for the third week running, according to the American Automobile Association (AAA), bringing some relief to drivers amid the busy summer travel season. As of now, the average price stands at $4.12 per gallon, down from $4.56 recorded on May 21. This trend is attributed to crude oil prices remaining below $100 a barrel.
Typically, gas prices peak during this period, but this year's situation appears to be more unpredictable due to concerns surrounding the Strait of Hormuz. Despite the recent reductions, prices at the pump remain significantly higher than in previous years, although they are far from the record high of $5 per gallon reached on June 11, 2022.
Demand for gasoline has risen, with consumption increasing from 8.59 million barrels per day to 8.73 million. Gasoline production also saw a notable rise, averaging 9.7 million barrels per day.
The latest data from the Energy Information Administration (EIA) indicated a decrease of 7.2 million barrels in crude oil inventories, bringing the total to about 426.5 million barrels, which is roughly 5% below the five-year average for this time of year.
As for electric vehicle charging, the national average cost per kilowatt hour at public charging stations has increased by one cent to 42 cents. The report also highlights the most and least expensive gasoline markets across the country, with California topping the list at $5.80 per gallon, while Indiana presents the cheapest option at $3.39 per gallon.
Travelers can utilize the AAA TripTik Travel planner to access the latest gas prices and electric charging costs along their routes, aiding in efficient planning for their journeys during this peak travel season.
Source: rvbusiness.com