Gasoline prices are inching closer to a milestone not seen since May 2021, with the national average for a gallon of gas dropping to $3.03 as of Dec. 5. Meanwhile, the cost to charge electric vehicles (EVs) at public stations remains steady, averaging 34 cents per kilowatt-hour nationally, according to new data from AAA.
“The national average is tantalizingly close to falling below $3 a gallon, and it could happen in a few days,” said Andrew Gross, AAA spokesperson. “But 32 states already have an average below or well below $3. Hockley County, Texas, appears to have the lowest county average, at $2.30.”
Gasoline Market Trends
The week’s gasoline demand rose slightly, increasing from 8.50 million barrels per day to 8.73 million barrels, according to the Energy Information Administration (EIA). Domestic gasoline stocks also grew modestly from 212.2 million barrels to 214.6 million barrels, though gasoline production decreased, averaging 9.5 million barrels per day.
Despite these changes, the national average gas price remains seven cents lower than a month ago and 19 cents lower than a year ago.
The cost of crude oil also contributed to the trend. West Texas Intermediate (WTI) crude closed at $68.54 per barrel on Dec. 4, reflecting a $1.40 drop. Additionally, U.S. crude oil inventories declined by 5.1 million barrels to 423.4 million barrels, about 5% below the five-year average for this time of year.
Gasoline Price Variances
Gas prices vary widely across the U.S., with Hawaii ($4.56) and California ($4.39) leading as the most expensive states. Meanwhile, Oklahoma ($2.52) and Mississippi ($2.62) report the lowest averages.
EV Charging Costs Remain Stable
The national average price for public EV charging holds firm at 34 cents per kilowatt-hour. Kansas leads as the most affordable state for public charging, averaging 21 cents per kilowatt-hour, while Hawaii ranks as the most expensive at 56 cents.
