Stable Gas Prices Persist Despite Reduced Oil Expenses, According to AAA's Report
Fuel Update: Gas Prices sneak up a tad, but OPEC's decision keeps it from skyrocketing
Gasoline prices have taken a minor bump this week, reaching an average of $3.18 per gallon nationwide, according to AAA. Despite this bump, the ongoing drop in crude oil prices is keeping the prices at the pump under control.
AAA points to economic jitters and OPEC+'s decision to boost oil production, despite a sluggish global demand, as the key players behind this price stability. The organization noted that "with oil prices on the decline, drivers will benefit at the pump". Compared to the same period last year, the national average is almost half a buck cheaper.
Weekly Fuel Highlights
- Current National Average: $3.186
- Last Week: $3.171
- A Month Ago: $3.201
- A Year Ago: $3.662
Data from the Energy Information Administration (EIA) reveals a slight dip in gasoline demand, from 9.41 million barrels per day (b/d) down to 9.09 million b/d. Meanwhile, total domestic gasoline supply took a hit, declining from 229.5 million barrels to 225.5 million. The production manageed to hold steady at 9.5 million barrels per day last week.
Oil and Inventory Overview
West Texas Intermediate (WTI) crude concluded the trading session on Wednesday with a fall of $2.21, settling at $58.21 per barrel. The EIA reported a decline in U.S. crude oil inventories by 2.7 million barrels compared to the previous week, with the current inventory standing at 440.4 million barrels, roughly 6% below the five-year average for this time of year.
Steadfast EV Charging Rates
While gas prices danced around a bit, the average national rate for public electric vehicle (EV) charging stayed put at 34 cents per kilowatt hour.
State Rankings
Priciest Gas Markets
- California: $4.77
- Hawaii: $4.50
- Washington: $4.26
- Oregon: $3.90
- Nevada: $3.84
- Alaska: $3.62
- Illinois: $3.40
- Pennsylvania: $3.35
- Idaho: $3.31
- Utah: $3.31
Budget-friendly Gas Markets
- Mississippi: $2.66
- Louisiana: $2.73
- Tennessee: $2.74
- Alabama: $2.76
- Texas: $2.76
- Arkansas: $2.78
- Oklahoma: $2.80
- South Carolina: $2.82
- Kansas: $2.85
- Missouri: $2.85
Most Expensive EV Charging Spots
- Hawaii: 55 cents
- Alaska: 47 cents
- West Virginia: 47 cents
- Montana: 44 cents
- South Carolina: 43 cents
- Louisiana: 43 cents
- Tennessee: 43 cents
- Kentucky: 42 cents
- Idaho: 42 cents
- Georgia: 40 cents
Affordable EV Charging Stations
- Kansas: 22 cents
- Missouri: 25 cents
- Iowa: 27 cents
- Delaware: 27 cents
- Nebraska: 29 cents
- Utah: 29 cents
- Texas: 30 cents
- Maryland: 30 cents
- Vermont: 30 cents
- North Carolina: 31 cents
As the market continues to dance to the beat of global supply decisions and domestic demand, drivers might see a bit more stability or slight alterations in prices in the near future.
Deep Dive: OPEC's Impact on Gasoline Prices
To truly understand how OPEC's decision to amp up oil production affects the U.S. gasoline prices, consider these factors:
- OPEC's Production Boost: In May 2025, OPEC+ declared a production boost, pumping out an extra 411,000 barrels per day starting in June 2025. This move is part of a slow restart of the 2.2 million barrels per day voluntary reductions that began on April 1, 2025[1]. Increased oil supply generally drives down crude prices, which lowers the production expenses of gasoline.
- Oil Market Dynamics: The global oil supply is anticipating a boost of 1.6 million barrels per day in 2025, with additional support from non-OPEC+ producers[2]. This increase in the oil supply could help maintain or lower oil prices.
- Gasoline Price Impact: While increased oil production could bring down crude oil prices, the impact on gasoline prices depends on refining capacity, gasoline demand, geopolitical factors, and the U.S. domestic oil production.
In summary, while OPEC's decision could potentially contribute to lower gasoline prices by depressing the crude oil costs, the actual impact depends on a more extensive set of market and economic factors. If the increased oil supply causes oil prices to fall, it could potentially reduce the national average price of gasoline in the U.S., assuming other factors remain stable. However, concrete data linking the current national average price of gasoline and OPEC's decision is not provided in the search results. Gasoline prices typically are influenced by a combination of these factors and local market conditions.
- Despite OPEC's decision to boost oil production, the ongoing drop in crude oil prices is keeping the prices at the pump under control for traders engaged in gasoline trading.
- As sports fans gear up for their favorite events, they might find relief at the gas stations since with oil prices on the decline, drivers will benefit at the pump, a trend influenced by OPEC's production boost.
