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Staff report
Gas prices are a penny higher in Northeast Ohio this week at $3.916 per gallon, according to Monday's AAA East Central's Gas Price Report.
The national average for a gallon of regular gasoline has gone up 13 cents over the past week and is now at $4 per gallon. Instability along the Strait of Hormuz is contributing to the increase at the pump and pushing crude oil prices over $90 per barrel.
Earlier this year, the national average remained in the $4 range all of April and May and most of June. Last time the national average was $4 or above was on June 17 when it was $4.02. Today's national average is 5 cents more than a month ago, but 86 cents more than a year ago.
According to new data from the Energy Information Administration (EIA), gasoline demand remained flat last week at 8.84 million. Total domestic gasoline supply decreased from 212.1 million barrels to 210.5 million. Gasoline production decreased last week, averaging 9.6 million barrels per day.
The EIA reports that crude oil inventories decreased by 1.7 million barrels from the previous week. At 409.7 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year.
The national average per kilowatt hour of electricity at a public EV charging station stayed the same this past week at 42 cents.