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As prices at the pump continue to rise, some gas stations are expanding their charging stations for electric vehicles. Jeff Flock of FOX Business with more.
Gasoline prices in the United States are near seven-year highs as the summer driving season draws to a close.
Regular gasoline averaged $ 3.187 per gallon nationwide on Monday, according to AAA. Prices were $ 3.19 a gallon a week ago, the highest in seven years.
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“US gasoline demand will remain relatively strong,” said Phil Flynn, senior market analyst at Price Futures Group. “The economy is still doing pretty well. Seasonally, of course, we start to see demand slow as the kids go back to school.”
Gasoline demand fell to 9.43 million barrels per day last week, from 9.78 million the previous week. Weaker demand weighed on the price of crude oil as West Texas Intermediate fell $ 7.30 per barrel from its July 30 close.
Slowing demand and falling crude prices have helped ease the upward pressure on gasoline prices. The average price of a gallon of regular gasoline has climbed $ 1.01 over the past year.
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California ($ 4,406), Hawaii ($ 4,085) and Nevada ($ 4,058) were the three states where regular gasoline cost on average more than $ 4 per gallon. Fifteen states, including Mississippi ($ 2.792), Louisiana ($ 2.837) and Texas ($ 2.845), saw regular prices stay below $ 3 a gallon.
“Gasoline prices seem to be stubbornly high for a while,” Flynn said.
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