The national average for a gallon of regular gasoline has dropped 18 cents since last week, reaching $4.24, according to AAA. This marks the second straight week of decline. The price of crude oil remains below $100 per barrel, which is contributing to the decrease in pump prices.
Drivers will be relieved by the drop in gas prices as they embark on summer road trips. However, uncertainty over when the Strait of Hormuz will fully reopen and resume traffic may impact oil prices and subsequently gasoline prices.
The Energy Information Administration reports that gasoline demand decreased last week from 9.25 million barrels per day to 8.59 million barrels per day. Total domestic gasoline supply increased from 211.6 million barrels to 215 million barrels, while gasoline production decreased to an average of 9.4 million barrels per day.
Crude oil inventories have decreased by 8 million barrels from the previous week, with U.S. crude oil inventories sitting at 433.7 million barrels, about 3% below the five-year average for this time of year.
The national average per kilowatt hour of electricity at a public EV charging station remained the same this past week at 41 cents.
Gasoline prices vary by state, with California leading the nation's most expensive markets at $5.97 per gallon, followed closely by Washington and Hawaii.
On the other hand, some states offer significantly lower gas prices, with Indiana leading the nation's least expensive markets at $3.55 per gallon.
Electric vehicle charging prices also vary by state, with West Virginia topping the list of most expensive public charging at 53 cents per kilowatt hour.
Drivers can use the AAA TripTik Travel planner to find current gas and electric charging prices along their route and plan their trip accordingly.
As summer road trips approach, it's essential for drivers to be aware of the current gas price trends and plan their routes in advance to make the most of their fuel budget.
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The ongoing decline in oil prices may not have a significant impact on gasoline prices this summer, as demand is expected to increase.
