Pump prices on a national scale barely budged over the past week, despite the expected demand surge due to the July 4th holiday. AAA predicted that more than 43 million people would hit the road to celebrate the nation’s birthday. Despite the record number, the national average for a gallon of gas drifted a penny lower since last week to $3.53.
“We may still see gas prices rise over the next few days based on slightly higher demand and the potential for oil prices to continue trending upward,” said Lori Weaver Hawkins, public affairs manager, AAA Blue Grass. “But rather than a surge, it could be more of a blip, with holiday road trip demand now in the rearview mirror.”
According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 9.31 to 9.6 million b/d last week. Meanwhile, total domestic gasoline stocks decreased by 2.5 million bbl to 219.5 million bbl. Rising gas demand amid decreasing supply have the potential to push pump prices higher.
“While this summer is supposed to be a busy one with many taking to the roadways for a Great American Road Trip, the demand is more spread out over the next couple of months than what we see with a major travel holiday like the Fourth of July,” Weaver Hawkins adds.
Friday’s national average was up a penny overnight at $3.53, which is 1 cent lower than one week ago, 2 cents lower than a month ago and $1.22 less than a year ago.
Friday’s average in Kentucky was down a penny overnight to $3.23, which is 6 cents lower than one week ago, 9 cents lower than a month ago and $1.24 less than a year ago.
The average gas price in Lexington dropped a penny overnight, now averaging $3.29. Lexington’s current gas price average is 4 cents lower than it was one week ago and 11 cents lower than a month ago. Today’s price is $1.25 cents lower than a year ago.
Around the commonwealth, the highest county-level average gas price can be found in Jefferson County at $3.68. The cheapest county-wide average price of gasoline in the commonwealth can be found in Bell County at $2.85, among a dozen counties now averaging below the $3 mark.
The average price for a gallon of regular today in Ohio is at $3.23, West Virginia $3.36, Virginia $3.33, Indiana $3.31, Tennessee $3.10, Illinois $3.85 and Missouri $3.24. Tennessee remains the only state bordering Kentucky with a lower gas price average.
The highest gasoline average price in the country is still Washington state at $4.96, while Mississippi has the lowest average gas price, now at $2.96 and still the only state averaging below the $3 mark.
Interestingly, Kentucky and Ohio unseat Florida and Georgia to fall among the lowest statewide average gas prices in the nation.
Since last Friday, these 11 states have seen the largest changes in their averages: Florida (+13 cents), Arizona (−10 cents), Colorado (+9 cents), Ohio (−9 cents), Maryland (+8 cents), Utah (−8 cents), Illinois (−7 cents), New Mexico (+7 cents), Indiana (−6 cents), Michigan (-6 cents)(tie) and Delaware (+6 cents)(tie).
The nation’s top 11 least expensive markets: Mississippi ($2.96), Louisiana ($3.07), Alabama ($3.08), Tennessee ($3.10), Arkansas ($3.09), South Carolina ($3.16), Texas ($3.14), Oklahoma ($3.18), Kentucky ($3.22), Ohio ($3.23)(tie) and North Carolina ($3.23)(tie).
AAA Blue Grass