August 8, 2024 - WASHINGTON, D.C. — By Andrew Gross & Devin Gladden - Falling by just three cents since last week, the national average for a gallon of gas hit $3.45, similar to the price in June.  Meanwhile, the national and state averages for L2 commercial electricity remain the same as a week ago.

“With Tropical Storm Debby drifting up the I-95 corridor to visit the Mid-Atlantic and Northeast, the threat to Gulf Coast oil production and refining is over,” said Andrew Gross, AAA spokesperson. “But tensions in the Middle East and some overseas economic uncertainty may mitigate any drop in oil prices.”

With an estimated 1.2 million AAA members living in households with one or more electric vehicles, AAA lists the kilowatt-per-hour cost for Level 2 (L2) commercial charging by state.

Today’s national average for a kilowatt of electricity at an L2 commercial charging station is 34 cents.

According to new data from the Energy Information Administration (EIA), gas demand fell from 9.25 million b/d to 8.96 last week. Meanwhile, total domestic gasoline stocks rose from 223.8 to 225.1 million barrels. Gasoline production increased last week, averaging 10.0 million barrels per day. Crude oil production hit an all-time high of 13.4 million barrels per day. Lower gasoline demand, rising supply, and stable oil costs may lead to sliding pump prices.  

Today’s national average for a gallon of gas is $3.45, five cents less than a month ago and 37 cents less than a year ago.

Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI rose by $2.03 to settle at $75.23 a barrel. The EIA reports that crude oil inventories decreased by 3.7 million barrels from the previous week. At 429.3 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

Since last Thursday, these 10 states have seen the largest weekly changes in their gasoline averages: Ohio (-11 cents), Colorado (-7 cents), Tennessee (-7 cents), Illinois (-7 cents), Michigan (-6 cents), Delaware (+5 cents), Georgia (-4 cents), Kentucky (-4 cents), Oklahoma (-4 cents), and Missouri (-4 cents).

The nation’s top 10 least expensive gasoline markets are Mississippi ($2.96), Tennessee ($3.03), Louisiana ($3.04), Arkansas ($3.06), Texas ($3.06), Oklahoma ($3.06), Alabama ($3.09), South Carolina ($3.09), Missouri ($3.15) and Kansas ($3.15).

Electric

The nation’s top 10 least expensive states for L2 commercial charging per kilowatt hour are Kansas (22 cents), Missouri (24 cents), Delaware (25 cents), Texas (28 cents), Nebraska (29 cents), Utah (29 cents), Wisconsin (29 cents,) Vermont (30 cents), Michigan (30 cents) and Washington, DC (30 cents).

The nation’s top 10 most expensive states for L2 commercial charging per kilowatt hour are Hawaii (56 cents), West Virginia (45 cents), Idaho (42 cents), South Dakota (42 cents), Arkansas (42 cents), Kentucky (42 cents), Montana (41 cents), Tennessee (42 cents), New Hampshire (41 cents) and Alaska (40 cents).

Drivers can find current gas and electric charging prices along their route using the AAA TripTik Travel planner.
Source: AAA