Gas Prices Remain High Amid Elevated Crude Oil Costs
The national average price of regular gasoline remains at $4.09 per gallon, according to AAA's latest press release. This is unchanged from last week and a significant increase from this time last year, when prices were around $3.14 per gallon.
Crude oil prices continue to hover in the $80 per barrel range, with WTI closing at $84.46 on Wednesday. The Energy Information Administration reports that crude oil inventories decreased by 7.2 million barrels from the previous week, putting U.S. stockpiles about 7% below their five-year average for this time of year.
Despite some seasonal relief typically brought in August as road trips wind down and fall routines begin, elevated crude oil prices may prevent a shift in gas prices just yet. Gasoline demand increased last week from 8.94 million to 9.04 million barrels per day, while total domestic gasoline supply remained flat at 211.3 million.
The top 10 most expensive gasoline markets are California ($5.64), Hawaii ($5.46), Washington ($5.11), Nevada ($4.81), Alaska ($4.73), Oregon ($4.64), Arizona ($4.42), Illinois ($4.34), Idaho ($4.30), and Montana ($4.28). Conversely, the nation's top 10 least expensive gasoline markets are Indiana ($3.56), Texas ($3.64), Mississippi ($3.66), Louisiana ($3.68), Tennessee ($3.70), South Carolina ($3.71), Kentucky ($3.72), Oklahoma ($3.75), Alabama ($3.76), and North Carolina ($3.76).