Gas Prices Hold Steady Nationwide While U.S. Maintains Global Oil Production Leadership

Gasoline prices across the United States remain stable, with the national average holding at $3.06 per gallon for the second consecutive week, according to AAA. Meanwhile, the cost of public electric vehicle (EV) charging has stayed at 34 cents per kilowatt hour for nearly five months.

“Looking back at 2024, the high point for the national average was $3.67 on April 19, and the low was $3.01 on December 10,” said Andrew Gross, AAA spokesperson. “If the national average follows seasonal norms, it will probably waffle up and down by a few cents for the next two months.”

Despite fluctuations in production and demand, gas prices averaged $3.30 per gallon in 2024—21 cents lower than the 2023 average. Current prices are five cents higher than a month ago but remain a penny lower than this time last year.

The Energy Information Administration (EIA) reported an increase in gasoline demand, which rose to 8.48 million barrels per day last week from 8.16 million the previous week. However, gasoline production decreased to 8.9 million barrels daily. Total domestic gasoline stocks climbed significantly, rising from 231.4 million barrels to 237.7 million barrels.

The United States continues to dominate global oil production, a trend established between 2018 and 2023. Crude oil production in 2023 averaged 12.9 million barrels daily, surpassing the previous U.S. and global record of 12.3 million barrels set in 2019.

The EIA projects that these figures solidify the United States’ position as the top oil producer globally, with no immediate challenges expected from other nations.

At the close of Wednesday’s trading session, West Texas Intermediate (WTI) crude oil settled at $73.32 per barrel, down 93 cents. U.S. crude oil inventories decreased by 1.0 million barrels, leaving the total at 414.6 million barrels—6% below the five-year average for this time of year.

Gas prices continue to vary significantly by region. The most expensive gasoline markets include Hawaii ($4.53), California ($4.38), and Washington ($3.90). The least expensive states are Oklahoma ($2.60), Mississippi ($2.62), and Kansas ($2.68).

For EV drivers, public charging rates also vary. Kansas offers the lowest average cost at 22 cents per kilowatt hour, while Hawaii leads the nation in expense at 56 cents per kilowatt hour.