Gas prices continue to surge across the U.S. as geopolitical conflicts tighten supply chains. As of Friday, July 24, the national average for a gallon of regular gasoline jumped 15 cents from the previous week to $4.09, according to new data from the American Automobile Association (AAA).
The report notes that most states are now averaging $4 per gallon or more. Rising crude oil prices are driving the spike at the pump. Volatility in the Strait of Hormuz and instability in the region have pushed crude oil prices into the $90-per-barrel range and could continue driving up costs during the second half of the summer.
According to new data from the Energy Information Administration (EIA), gasoline demand increased from 8.84 million barrels per day to 8.94 million. Total domestic gasoline supplies rose from 210.5 million barrels to 211.3 million. Gasoline production also increased, averaging 9.7 million barrels per day. The EIA reported that crude oil inventories increased by 2 million barrels from the previous week. At 411.7 million barrels, U.S. crude oil inventories are about 6 percent below the five-year average for this time of year.
The nation’s most expensive gasoline markets as of July 24 were California at $5.57, Hawaii at $5.42 and Washington at $5.07. The nation’s least expensive gasoline markets as of July 24 were Indiana at $3.53, Mississippi at $3.64 and Louisiana at $3.67.
The national average price of electricity at a public EV charging station remained unchanged at 42 cents per kilowatt-hour. The nation’s most expensive states for public charging per kilowatt hour as of July 24 were West Virginia at 53 cents, Hawaii at 51 cents and Alaska at 48 cents. The nation’s least expensive states for public charging per kilowatt hour as of July 24 were Kansas at 30 cents, Missouri at 32 cents and Iowa at 33 cents.
