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Kentucky’s average gas price dips slightly on the week, but remains 31 cents higher than a month ago

The national average for a gallon of regular gasoline has dipped by a penny to $3.49 over the past week.

According to new data from the Energy Information Administration (EIA), gas demand rose from 8.14 to 8.49 million b/d last week. Meanwhile, total domestic gasoline stocks increased by 2.6 million bbl to 234.6 million bbl. Despite rising gas demand, the growth in total supply has helped to limit pump price increases. If demand does not spike, drivers could continue to see pump prices drift lower through the weekend.

At the close of Thursday’s formal trading session, WTI decreased by 53 cents to settle at $75.88. Crude prices fell Wednesday after the U.S. Federal Reserve increased interest rates and signaled that more increases are likely. As a result, the market believes oil demand could be less than expected this year, pulling prices down. Additionally, crude prices declined after EIA reported that total commercial stocks increased by 4.2 million bbl to 452.7 million bbl last week.

(NKyTribune file)

The national average of $3.49 is 27 cents more than a month ago and just 8 cents more than a year ago.

Kentucky’s average fell a penny overnight to $3.17. That’s 4 cents higher than one week ago. Today’s average is 31 cents more than a month ago, but just 6 cents more than a year ago.

The average gas price in Lexington has held steady from yesterday, trending slightly below the state average at $3.13. Lexington’s current gas price average is 3 cents lower than the average one week ago but is 40 cents more than a month ago and 2 cents higher than a year ago.

Ashland’s average gas price stayed steady overnight, currently $3.28. That’s a penny more than the average a week ago. Ashland’s average price is trending about 48 cents higher than a month ago but just 7 cents higher than a year ago.

Around the commonwealth, the highest county-level average gas price can be found in Clay County at $3.37. Three counties in Central Kentucky tie for the cheapest county-wide average price of gasoline in the commonwealth: Casey, Marion and Jessamine Counties are all averaging $2.97.
Checking nearby, the average price for a gallon of regular today in Ohio is at $3.39, West Virginia $3.41, Virginia $3.38, Tennessee $3.23, Indiana $3.28, Illinois $3.64 and Missouri $3.15.

Across the nation, the high spot is Hawaii, still averaging $4.93 for a gallon of regular. California follows at $4.59, climbing 6 cents in the past week.

The low spot in the nation can be found in Texas, still averaging $3.12 for a gallon of regular.

• Since last Friday, these 10 states have seen the largest changes in their averages: Utah (+18 cents), Delaware (−16 cents), Colorado (+12 cents), Idaho (+10 cents), Ohio (−9 cents), Maryland (−8 cents), Indiana (−7 cents), California (+6 cents), Florida (−6 cents), and Michigan (−6 cents).

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