Drivers are getting some relief at the pump as the national average price for a gallon of regular gasoline fell nearly 20 cents over the past week, according to AAA.
The national average dropped 18 cents to $4.24 per gallon as of June 4, marking the second consecutive week of declining prices. AAA attributed the decrease largely to crude oil prices remaining below $100 per barrel, though uncertainty surrounding shipping traffic through the Strait of Hormuz could limit further declines as summer travel demand increases.
AAA said gasoline demand fell from 9.25 million barrels per day to 8.59 million barrels per day during the past week, while domestic gasoline supplies increased to 215 million barrels. Meanwhile, U.S. crude oil inventories declined by 8 million barrels and remain about 3% below the five-year average for this time of year.
Despite the recent drop, prices remain significantly higher than a year ago, when the national average stood at $3.14 per gallon. The most expensive gasoline markets in the country were California at $5.97 per gallon, followed by Washington and Hawaii, while Indiana had the lowest average price at $3.55 per gallon.
AAA said the national average cost of charging an electric vehicle at a public charging station remained unchanged at 41 cents per kilowatt-hour. The organization expects motorists to continue monitoring fuel costs closely as the busy summer travel season gets underway.
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