Drivers are getting a bit of relief at the pump as gas prices continue to fall nationwide, even as the summer travel season enters one of its busiest stretches.
According to AAA, the national average price for a gallon of regular gasoline dropped to $4.12 this week, marking three consecutive weeks of declines. Since May 21, the national average has fallen 44 cents per gallon from $4.56, largely because crude oil prices have remained below $100 per barrel.
The decrease comes at a time when gas prices typically peak as families hit the road for summer vacations. AAA said the trend has provided some relief to motorists, though prices remain at their highest levels in four years. The current national average is still nearly $1 higher than it was at the same time last year, when drivers were paying an average of $3.13 per gallon.
New data from the U.S. Energy Information Administration shows gasoline demand increased last week from 8.59 million barrels per day to 8.73 million. Domestic gasoline supplies also edged slightly higher, while refinery production increased to an average of 9.7 million barrels per day.
Oil prices remain a major factor in what drivers pay at the pump. West Texas Intermediate crude closed Wednesday at $90.03 per barrel after rising $1.83 during the trading session. Federal data also showed U.S. crude oil inventories declined by 7.2 million barrels last week and remain about 5% below the five-year average for this time of year.
AAA said uncertainty surrounding the Strait of Hormuz, one of the world’s most important oil shipping routes, could create additional volatility in fuel markets in the weeks ahead.
New York continues to rank among the nation’s most expensive states for gasoline, with an average price of $4.40 per gallon. Only California, Hawaii, Washington, Alaska, Oregon, Nevada, Arizona, Idaho and Illinois reported higher statewide averages.
For electric vehicle drivers, the national average cost of charging at a public station increased by one cent over the past week to 42 cents per kilowatt hour.
AAA said motorists can track current fuel and charging prices through its TripTik travel planning tools as summer travel demand continues to build.
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