WALNUT CREEK, Calif. – Prices at the pump are in neutral or getting cheaper in most of the country even though this is the time of year when gas prices go up. California drivers will find an average price of $4.92, an increase of a penny from last week. Nevertheless, this remains lower than the $5.38 average Californians paid a year ago. 

“The main reason why gas prices are trending lower is supply and demand,” AAA Northern California spokesperson Doug Johnson said. “Demand for fuel remains relatively weak, and gas prices across the country are cheaper than last spring as a result.”

After OPEC+ announced its increasing oil production next month by more than 400,000 barrels a day – much more than expected – the price of crude oil has been falling. Oversupply coupled with tepid gasoline demand is resulting in lower pump prices.

According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 8.49 b/d last week to 8.42. Total domestic gasoline supply decreased from 237.6 million barrels to 236.0. Gasoline production decreased last week, averaging 8.9 million barrels per day.

Fuel Prices Around the State: 

• San Francisco: $5.17
• Oakland: $5.07
• San Jose: $5.06
• Sacramento: $5.01
• Fresno: $4.91
• Stockton: $4.89

Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI rose $2.77 to settle at $62.35 a barrel. The EIA reports that crude oil inventories increased by 2.6 million barrels from the previous week. At 442.3 million barrels, U.S. crude oil inventories are about 5% 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 34 cents.

State Stats Gas

The nation’s top 10 most expensive gasoline markets are California ($4.92), Hawaii ($4.52), Washington ($4.38), Oregon ($4.00), Nevada ($3.97), Alaska ($3.65), Illinois ($3.46), Arizona ($3.39), Pennsylvania ($3.38), and Idaho ($3.35).  The nation’s top 10 least expensive gasoline markets are Mississippi ($2.73), Tennessee ($2.75), Oklahoma ($2.77), Louisiana ($2.81), South Carolina ($2.81), Texas ($2.82), Kentucky ($2.84), Alabama ($2.84), Arkansas ($2.84), and Kansas ($2.87).

Electric

The nation’s top 10 most expensive states for public charging per kilowatt hour are Hawaii (56 cents), West Virginia (47 cents), Montana (45 cents), South Carolina (43 cents), Tennessee (42 cents), Idaho (41 cents), Kentucky (41 cents), Alaska (40 cents), Louisiana (40 cents), and New Hampshire (40 cents). The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (22 cents), Missouri (25 cents), Iowa (26 cents), North Dakota (26 cents), Nebraska (27 cents), Delaware (27 cents), South Dakota (28 cents), Utah (29 cents), Texas (29 cents), and Maryland (30 cents).

Drivers can find current gas and electric charging prices along their route using the AAA Mobile App, now available on CarPlay. Find current fuel prices at GasPrices.AAA.com.