AAA Reports Gas Prices Rise Slightly as Hurricane Milton Causes Regional Disruptions

Hurricane Milton has caused a price hike for a gallon of gas in some areas, especially in the South, and overall, the price of gas rose by 2 cents per gallon nationwide.

Oct 13, 2024 - 20:15

AAA Reports Gas Prices Rise Slightly as Hurricane Milton Causes Regional Disruptions

The national average for a gallon of gasoline has risen by two cents over the past week to $3.21, according to the latest data from AAA. This small increase is attributed to the effects of back-to-back storms, with large areas of the country experiencing infrastructure damage, road flooding, and power outages due to Hurricane Helene and now Storm Milton.

While these weather events have not severely impacted the nation’s overall gasoline supply, they have disrupted demand in storm-affected regions where infrastructure damage has made fuel harder to access.

Oil Market Dynamics and International Factors

The ongoing geopolitical tension between Iran and Israel is also contributing to some fluctuation in oil prices. However, this has not led to a significant or steady rise in global oil prices. On Wednesday, West Texas Intermediate (WTI) crude oil closed down 33 cents to settle at $73.24 a barrel. Meanwhile, U.S. crude oil inventories rose by 5.8 million barrels to a total of 422.7 million barrels, which is about 4% below the five-year average for this time of year.

Gasoline and Electricity Market Stats

According to the Energy Information Administration (EIA), gas demand surged last week from 8.52 million barrels per day (b/d) to 9.65 million b/d, while domestic gasoline stocks dropped sharply from 221.2 million barrels to 214.9 million barrels. Despite the increased demand and decreased supply, gasoline production remained strong, averaging 10.2 million barrels per day.

The current national average for a gallon of gas stands at $3.21, which is five cents lower than a month ago and 47 cents lower than the same time last year.

Gas Prices by Region

The nation’s top 10 most expensive gasoline markets:

California ($4.67)
Hawaii ($4.59)
Washington ($4.05)
Nevada ($3.91)
Oregon ($3.67)
Alaska ($3.65)
Illinois ($3.50)
Utah ($3.50)
Idaho ($3.44)
Pennsylvania ($3.38)

The nation’s top 10 least expensive gasoline markets:

Georgia ($2.72)
Mississippi ($2.75)
Texas ($2.80)
Arkansas ($2.81)
Oklahoma ($2.81)
Louisiana ($2.83)
Missouri ($2.84)
Kansas ($2.84)
Alabama ($2.86)
Tennessee ($2.86)

Electric Vehicle Charging Costs

As electric vehicles become more popular, AAA continues to track the cost of public charging. Today’s national average for a kilowatt of electricity at a public charging station is 35 cents. With approximately 1.2 million AAA members living in households with one or more electric vehicles, these costs are becoming increasingly relevant.

The nation’s top 10 least expensive states for public charging per kilowatt hour: