Drivers are getting little relief at the pump as the national average for a gallon of regular gasoline remains stuck at $4.09, unchanged from last week, according to AAA.
Gas prices are nearly $1 higher than they were a year ago, largely because crude oil continues trading above $80 a barrel amid ongoing instability near the Strait of Hormuz. While August typically brings lower prices as summer travel slows and families return to school, elevated oil costs could delay that seasonal drop.
In Rhode Island, drivers are paying an average of $4.11 per gallon, slightly above the national average. Florida motorists continue to fare better, with an average price of $3.90 per gallon.
The latest data from the U.S. Energy Information Administration shows gasoline demand increased last week from 8.94 million to 9.04 million barrels per day, while domestic gasoline supplies held steady. Gasoline production also increased to 9.9 million barrels per day.
Oil prices climbed sharply Wednesday, with West Texas Intermediate crude rising $5.20 to settle at $84.46 a barrel. Meanwhile, U.S. crude oil inventories fell by 7.2 million barrels, leaving stockpiles about 7% below the five-year average for this time of year.
California continues to have the nation’s highest average gas price at $5.64 per gallon, while Indiana has the lowest at $3.56.
Although many drivers are hoping for lower prices as summer winds down, experts say fuel costs will likely remain elevated unless crude oil prices ease in the weeks ahead.
