Gas prices across the United States have seen a slight uptick as February unfolds, with the national average now standing at $2.89 per gallon for regular gasoline. This marks a modest increase from $2.87 just a week ago and $2.81 a month prior. The price rise, although minimal, comes at a time when many small business owners are beginning to plan for the upcoming spring season, typically a busy time for various industries.

Despite this recent increase, current gas prices remain favorable compared to the same period last year, when the average was $3.12 per gallon. According to the latest data from the Energy Information Administration (EIA), gasoline demand has softened due to inclement winter weather, with consumption dropping from 8.75 million barrels per day (b/d) to 8.15 million b/d. This reduced demand, coupled with a slight rise in domestic gasoline supply—from 257.2 million barrels to 257.9 million barrels—offers small business owners a brief relief amidst fluctuating prices.

Business owners should be particularly vigilant as the year progresses; with warmer weather approaching, refineries are poised to shift towards summer-blend gasoline production. This transition often results in rising prices at the pump, making it critical for businesses that rely on transportation and logistics to anticipate future costs.

One notable trend is the relationship between crude oil prices and gasoline rates. Recently, West Texas Intermediate (WTI) crude oil settled at $65.14 per barrel, reflecting a $1.93 increase. The EIA reports that crude oil inventories have decreased by 3.5 million barrels, putting current levels about 4% below the five-year average for this time of year. For small business owners, these dynamics signal a need for strategic planning regarding fuel consumption, particularly for companies with delivery services or sales teams that traverse significant distances.

Public EV charging costs also remain steady, currently averaging 38 cents per kilowatt hour. While electric vehicles (EVs) can be a long-term strategy for reducing operating expenses, business owners might want to evaluate regional charging costs which vary widely across the country. For instance, Kansas boasts the lowest charging costs at 25 cents per kilowatt hour, while West Virginia leads with higher expenses at 51 cents.

Regional disparities in fuel prices should also be taken into account. Hawaii has emerged as the most expensive market for gasoline, priced at $4.40 per gallon, followed closely by California at $4.39. Conversely, Oklahoma offers the most affordable rates, with gasoline priced at $2.36 per gallon. For businesses operating within these varying landscapes, fuel budgeting will prove essential; owners should consider how these price fluctuations could impact their overall operating costs.

Gas and electric prices fluctuate not only seasonally but also geographically. For instance, states like Alaska and California also exhibit higher electricity costs for public EV charging, bringing additional considerations for businesses looking to invest in a greener fleet.

As small business owners prepare for spring and summer, they should monitor both gasoline and electricity prices closely. Tools like the AAA TripTik Travel planner can help determine current gas and electric charging prices along delivery or travel routes. By staying informed and adapting strategies accordingly, businesses can mitigate rising fuel costs and maintain their bottom line.

Navigating the complexities of fuel prices may present challenges, but there are also opportunities for cost-saving practices. Increased reliance on data-driven decision-making can help identify the best times to fuel up or invest in long-term strategies such as transitioning to electric vehicles.

Business owners can keep tabs on daily shifts in gas prices and electricity rates through numerous online resources, ensuring they remain proactive rather than reactive in their approach to fuel expenses.

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