Gasoline prices in Nevada have seen a slight decrease, with the average price for a gallon of regular gasoline now at $3.87, down four cents from last week.
This marks a significant drop from the $4.60 per gallon average recorded at the same time last year.
John Treanor, spokesperson for AAA Nevada, said, “An increase in demand – as the weather gets nicer and more people get out and about – is pushing prices up slightly. The price of crude oil is also on the lower side at $62 a barrel, compared to $82 a barrel, which is what it cost one year ago.”
According to the Energy Information Administration (EIA), gasoline demand rose from 8.46 million barrels per day last week to 9.41 million. Meanwhile, total domestic gasoline supply decreased from 234.0 million barrels to 229.5 million, although gasoline production increased, averaging 10.1 million barrels per day.
In Las Vegas, the average price for gasoline is $3.87, while in Reno, it stands at $4.16. Nationally, the average price is $3.17, slightly up from last week and five cents higher than last month, yet still below last year’s figures.
The oil market has also seen changes, with West Texas Intermediate (WTI) crude oil prices falling $1.40 to settle at $62.27 a barrel. U.S. crude oil inventories increased by 0.2 million barrels from the previous week, with current inventories about 5% below the five-year average for this time of year.
Electric vehicle charging prices have remained stable, with the national average per kilowatt hour at public charging stations at 34 cents, and 37 cents in Nevada.