AAA: Gas Prices Drop 8 Cents in a Month; EV Charging Rates Also Fall

Washington, D.C. – The national average for a gallon of gas dipped by two cents since last week to $3.13. Low oil costs and tepid domestic gasoline demand are the primary reasons.

"After the brief interruption caused by Hurricanes Helene and Milton, gas prices have resumed their gradual season decline," said Andrew Gross, AAA spokesperson. "We are only about seven cents away from the national average's 2024 low, and it will likely keep rolling and fall below $3,00 soon."

With an estimated 1.2 million AAA members living in households with one or more electric vehicles, AAA tracks the average kilowatt-per-hour cost for all levels of public charging by state. Today's national average for a kilowatt of electricity at a public charging station dipped by a penny to 34 cents.

According to new data from the Energy Information Administration (EIA), gas demand rose slightly from 8.83 million b/d last week to 9.15. Meanwhile, total domestic gasoline stocks fell from 213.6 million barrels to 210.9, while gasoline production decreased last week, averaging 9.7 million barrels daily.

Today's national average for a gallon of gas is $3.13, eight cents less than a month ago and 34 cents less than a year ago.

Oil Market Dynamics

At the close of Wednesday's formal trading session, WTI rose by $1.40 to settle at $68.61 a barrel. The EIA reports that crude oil inventories decreased by 0.5 million barrels from the previous week. At 425.5 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.

Quick Gas and Electricity Stats

The nation's top10 most expensive gasoline markets are Hawaii ($4.59), California ($4.56), Washington ($4.03), Nevada ($3.80), Oregon ($3.62), Alaska ($3.59), Utah ($3.34), Idaho ($3.34), Pennsylvania ($3.32), and Illinois ($3.31).

The nation's top 10 least expensive gasoline markets are Texas ($2.68), Mississippi ($2.69), Oklahoma ($2.70), Tennessee ($2.74), Louisiana ($2.77), Missouri ($2.77), Arkansas ($2.78), Kansas ($2.78), Kentucky ($2.78), and Alabama ($2.8).

The nation's top 10 least expensive states for public charging per kilowatt hour are Kansas (21 cents), Missouri (24 cents), Nebraska (25 cents), Delaware (27 cents), North Dakota (27 cents), Texas (27 cents), Utah (29 cents), Vermont (30 cents,) Washington DC (30 cents), and Michigan (30 cents).

The nation's top 10 most expensive states for public charging per kilowatt hour are Hawaii (56 cents), West Virginia (45 cents), New Hampshire (43 cents), Montana (43 cents), Arkansas (42 cents), Louisiana (42 cents), South Carolina (42 cents), Idaho (41 cents), Kentucky (41 cents), and Alaska (41 cents).