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:
- Contra Costa: $5.08
- 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).
On gas pricing – just a reminder that Newscum numerous times in his campagn promising said he would get under the big oil scamming of Calif and bring parity to the rest of the county. … yeah right … just like he said he would stop the high speed rail to nowhere and save CA taxpayers billions … … uh huh…yet he was voted in 2x and beat a recall smh
If they go down, people will say it’s Newsom/Biden to thank, if they go up it’s Trump/Musk’s fault. LOL
There’s an old adage about waiting for the other shoe to drop.
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Between governor, state legislature and unelected bureaucrats
trying to out green each other . . . .
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There are still some of us around who experienced gas lines,
stations running out of gas and odd even last number on license plate
determining what day of the week you could buy gas.
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Back to today,
“…daily refinery capacity in California is just over 1.6 million barrels
per day. There is a 16 percent buffer between how much oil we use
every day, and how much oil we are capable of refining.”…
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“Starting in 2026, with the Phillips 66 refinery shut down, California’s
total refinery capacity will drop to 1,483,000 barrels per day, against
consumption (based on 2024 numbers) of 1,395,000 barrels per day.
That will lower the surplus of refinery capacity over demand to 6.3 percent.
So what happens if there’s a fire such as the one that shut down the
refinery in Martinez?”.
https://shorturl.at/6D09Q
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Late 2026 Phillips 66 is closing their twin refinery complex that produces
about 8% of the state’s gasoline.
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2001 CA crude percentage was 49.6% and imported foreign oil was 29.3%.
2023 CA crude percentage was 23.4% and imported foreign oil was 60.7%.
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‘Foreign Sources of Crude Oil Imports to California‘
https://tinyurl.com/237b69xp
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‘Annual Oil Supply Sources To California Refineries’
https://tinyurl.com/4zrzu7wm
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Bottom line if say two refineries have fires and long rebuild time
CA drivers are gonna have a problem, which His Imperial Majesty
Emperor newsom will blame refiners or Trump.
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Thinking that other shoe, is actually shoes and there on a centipede.
Seems like something you’d have to prove.