U.S. Crude Oil Surge to 433.8M Barrels May Impact Gas Prices
U.S. crude oil inventories have surged by 3.6 million barrels, reaching 433.8 million barrels. This increase, coupled with a drop in West Texas Intermediate (WTI) crude oil prices to $66.31 per barrel, may impact gasoline prices in the coming weeks.
The national average for a gallon of gasoline has decreased to $3.11, a drop of one cent from last week. This follows a rise in gasoline demand to 8.87 million barrels per day, while total domestic gasoline supply declined to 246.8 million barrels. Gasoline production averaged 9.6 million barrels per day. However, regional variations persist. California continues to have the most expensive gasoline at $4.74 per gallon, while Mississippi has the least expensive at $2.64 per gallon. These differences are due to varying taxes and regulations across states. Seasonal transitions and fluctuations in oil prices may cause further fuel cost variations in the coming weeks. Meanwhile, electricity prices at public charging stations vary significantly, with Hawaii at the highest (56 cents per kWh) and Kansas at the lowest (22 cents per kWh).
The recent changes in crude oil inventories and prices may influence gasoline prices in the near future. Consumers should stay informed about these fluctuations, which can vary significantly by region due to state-specific taxes and regulations.
