LAS VEGAS (KSNV) — With crude oil prices hovering in the low $60s per barrel, drivers are enjoying lower prices at the pump.
The national average for gasoline has decreased by about 3 cents from last week, returning to $3.16, the same as a month ago.
The average price in Nevada is $3.90, a 3-cent drop from last week.
“While fuel prices are expected to remain on the lower side compared to last summer, weather is the wild card,” said John Treanor with AAA Mountain West Group.
The Atlantic hurricane season begins Sunday, and the National Oceanic and Atmospheric Administration (NOAA) predicts a 60% chance of an above-normal season.
“Storms along the Gulf Coast can affect oil refineries and disrupt fuel deliveries,” Treanor said, “leading to a temporary increase in gas prices.”
In Nevada, Las Vegas drivers are paying $3.86 per gallon, while those in Reno face prices of $4.34. According to the Energy Information Administration (EIA), gasoline demand increased from 8.64 million barrels per day last week to 9.45 million. Meanwhile, the total domestic gasoline supply decreased from 225.5 million barrels to 223.1 million, although gasoline production increased last week, averaging 9.8 million barrels per day.
In the oil market, West Texas Intermediate (WTI) crude increased by 95 cents to settle at $61.84 a barrel at the close of Wednesday’s trading session.
The EIA reports that crude oil inventories decreased by 2.8 million barrels from the previous week, with U.S. crude oil inventories at 440.4 million barrels, about 6% below the five-year average for this time of year.
For electric vehicle owners, the national average cost per kilowatt hour at public charging stations remained steady at 36 cents this past week.
Drivers can find current gas and electric charging prices along their route using the AAA Mobile App, now available on CarPlay. Current fuel prices are also available at GasPrices.AAA.com.