Labor Day travelers faced the highest gas prices ever recorded for this time of year, according to a notice from AAA. The national average reached $4.14 per gallon, representing a 4-cent increase from the previous week.
The rising costs are attributed to continued volatility in the Strait of Hormuz, which has pushed crude oil prices into the $90 per barrel range. While gasoline demand typically decreases during this season, high crude oil costs have driven prices upward. The national average has never exceeded $4 per gallon on Labor Day, with the previous record being $3.82 set on September 3, 2012.
Data from the Energy Information Administration (EIA) indicated that gasoline demand decreased from 9.04 million barrels per day to 8.92 million barrels per day last week. Total domestic gasoline supply also saw a decrease from 206.8 million barrels to 205.7 million barrels. Gasoline production remained steady at an average of 9.8 million barrels per day.
Crude oil inventories decreased by 4.5 million barrels from the previous week, according to the EIA. At 424.5 million barrels, U.S. crude oil inventories remained 1% above the five-year average for the time of year. WTI rose 79 cents to settle at $91.01 a barrel at the close of Wednesday's formal trading session.
In terms of regional pricing, Utah was among the most expensive markets for gasoline, with a price of $4.42 per gallon. Other high-priced markets included Washington at $5.47 and California at $5.78. Conversely, Indiana was noted as the least expensive market at $3.44 per gallon.
For electric vehicle charging, the national average at public stations remained at 42 cents per kilowatt hour. Utah was among the least expensive states for public charging per kilowatt hour, with a rate of 34 cents.
Drivers can use the AAA TripTik Travel planner to find current gas and electric charging prices along their routes.
