The national average for a gallon of gas has climbed by four cents in the past week to $3.10, driven by rising oil prices that are now hovering around $80 a barrel. According to AAA, the price surge comes despite low domestic gasoline demand and increased production.
“Domestic gasoline demand is low, so why are pump prices creeping higher? Look at the cost of oil,” said AAA spokesperson Andrew Gross. “Global oil prices have surged due to strong winter heating fuel demand and new U.S. sanctions against Russia’s energy sector. Oil costs account for 56% of what you pay at the pump.”
The Energy Information Administration (EIA) reports that gasoline demand fell last week from 8.48 million barrels per day (b/d) to 8.32 million b/d. At the same time, domestic gasoline stocks rose from 237.7 million barrels to 243.6 million barrels, with production averaging 9.3 million barrels daily.
Although the national average of $3.10 is eight cents higher than a month ago and three cents higher than a year ago, 26 states still report averages below $3 a gallon. Mississippi leads the list of least expensive gas markets at $2.66 per gallon, while Hawaii tops the most expensive markets at $4.54.
The price hike coincides with a decrease in crude oil inventories, which fell by 2.0 million barrels last week to 412.7 million barrels, about 6% below the five-year average for this time of year, according to the EIA.
Electric vehicle drivers, meanwhile, are seeing stable costs at public charging stations. The national average remains 34 cents per kilowatt hour, with Kansas offering the lowest rates at 22 cents and Hawaii the highest at 51 cents.
Drivers can find updated gas and electricity prices along their routes using AAA’s TripTik Travel Planner.
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