AAA: Rising Oil Costs Bring Gas Prices Along for The Ride – RVBusiness – Breaking RV Industry News
WASHINGTON, D.C. – Oil costs hovering around $80 a barrel have helped push the national average for a gallon of gas four cents higher since last week to $3.10. Meanwhile, today’s national average per kilowatt hour of electricity at a public EV charging station remained at 34 cents, according to the American Automobile Association (AAA).
“Domestic gasoline demand is low, so why are pump prices creeping higher? Look at the cost of oil,” said Andrew Gross, AAA spokesperson. “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. So, more expensive oil leads to more expensive gas. But that said, there are still 26 states with averages below $3 a gallon for now.”
According to new data from the Energy Information Administration (EIA), gasoline demand fell from 8.48 million b/d last week to 8.32. Meanwhile, total domestic gasoline stocks rose from 237.7 million barrels to 243.6, while gasoline production popped last week, averaging 9.3 million barrels daily.
Today’s national average for a gallon of gas is $3.10, eight cents more than a month ago and three cents more than a year ago.
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose $2.54 to settle at $80.04 a barrel. The EIA reports that crude oil inventories decreased by 2.0 million barrels from the previous week. At 412.7 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year.
Quick Gas and Electricity Stats
Gas
The nation’s top 10 most expensive gasoline markets are Hawaii ($4.54), California ($4.41), Washington ($3.90), Nevada ($3.66), Oregon ($3.50), Pennslyvania ($3.32), Alaska ($3.31), Illinois ($3.25), Washington, DC ($3.23), and Florida ($3.22).
The nation’s top 10 least expensive gasoline markets are Mississippi ($2.66), Texas ($2.68), Oklahoma ($2.70), Arkansas ($2.71), Louisiana ($2.76), Kentucky ($2.76), Kansas ($2.77), Alabama ($2.79), Missouri ($2.79), and Kentucky ($2.77).
Electric
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (22 cents), Nebraska (25 cents), Missouri (25 cents), Delaware (27 cents), Texas (28 cents), Maryland (28 cents), Utah (29 cents), North Dakota (29 cents), Michigan (30 cents) and Iowa (30 cents).
The nation’s top 10 most expensive states for public charging per kilowatt hour are Hawaii (51 cents), Montana (45 cents), West Virginia (45 cents), Idaho (42 cents), New Hampshire (42 cents), Kentucky (42 cents), Arkansas (42 cents), Tennessee (42 cents), Louisiana (41 cents), and South Carolina (41 cents).
Drivers can find current gas and electric charging prices along their route using the AAA TripTik Travel planner.
