The national average for a gallon of regular gasoline rose 13 cents to $4.27 according to data from AAA. This increase comes as crude oil prices climb, with volatility in the Strait of Hormuz pushing crude back into the $100 per barrel range for the first time since July.
According to data from the Energy Information Administration (EIA), gasoline demand decreased from 8.92 million barrels per day to 8.55 million barrels per day. During the same period, total domestic gasoline supply increased from 205.7 million to 206.9 million barrels, while gasoline production decreased from 9.8 million barrels per day to 9.3 million barrels per day.
At the close of a recent Wednesday trading session, WTI rose $3.02 to settle at $96.05 a barrel. The EIA reported that U.S. crude oil inventories decreased 0.4 million barrels to 424.1 million barrels, which matches the five-year average.
In Utah, the gasoline price was ranked as the eighth most expensive market in the nation at $4.68 per gallon. Other expensive markets included California at $5.89, Washington at $5.53, and Hawaii at $5.40.
Regarding electric vehicle charging, the national average for a kilowatt hour of electricity at a public station remained at 42 cents. Utah was among the ten least expensive states for public charging per kilowatt hour, with a rate of 34 cents per kilowatt hour.
While gasoline prices are increasing, this trend occurs during a season when prices typically decrease due to lower gasoline demand.
