The national average for a gallon of regular gasoline hit a milestone this week when it dipped below $3 a gallon for the first time in four years. 

Since Tuesday, the national average has remained at $2.99. The last time the national average reached an even $3.00 or below was in May of 2021. 

Crude oil prices remain on the lower side, around $60 a barrel. Sluggish gas demand and cheaper-to-produce winter blend gasoline are also contributing to the drop at the pump. 

Florida ranks as the 22^nd most expensive state, with an average of $2.88 per gallon. In the Gainesville market, the price is $2.96 per gallon.

According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 8.72 million b/d last week to 8.32 million. Total domestic gasoline supply increased from 209.9 million barrels to 214.4 million. Gasoline production increased last week, averaging 9.8 million barrels per day. 

Oil Market Dynamics 

At the close of Wednesday’s formal trading session, WTI rose 31 cents to settle at $58.95 a barrel. The EIA reports crude oil inventories increased by 0.6 million barrels from the previous week. At 427.5 million barrels, U.S. crude oil inventories are about 3% below the five-year average for this time of year. 

EV Charging 

The national average per kilowatt hour of electricity at a public EV charging station stayed the same this past week at 38 cents. 

State Stats 

Gas 

The nation’s top 10 most expensive gasoline markets are California ($4.51), Hawaii ($4.44), Washington ($4.14), Oregon ($3.75), Nevada ($3.68), Alaska ($3.68), Arizona ($3.27), Washington, DC ($3.20), Pennsylvania ($3.20), and Idaho ($3.19). 

The nation’s top 10 least expensive gasoline markets are Oklahoma ($2.40), Texas ($2.53), Arkansas ($2.55), Colorado ($2.56), Mississippi ($2.57), Tennessee ($2.58), Louisiana ($2.60), Iowa ($2.63), Wisconsin ($2.63), and Missouri ($2.64).  

Electric 

The nation’s top 10 most expensive states for public charging per kilowatt hour are West Virginia (52 cents), Alaska (48 cents), Hawaii (48 cents), Louisiana (44 cents), New Hampshire (44 cents), South Carolina (44 cents), New Jersey (43 cents), Alabama (42 cents), Tennessee (42 cents), and California (41 cents). 

The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (25 cents), Wyoming (26 cents), Missouri (28 cents), Nebraska (29 cents), Utah (31 cents), Vermont (31 cents), Iowa (32 cents), Maryland (32cents), Delaware (33 cents), and New Mexico (33 cents).