The average price for a gallon of regular gasoline in Kentucky popped up a penny this week, now at $2.79. Kentucky currently has the 8th lowest average price for a gallon of regular gasoline in the nation and has remained below the $2.80 mark for nearly two weeks.
Meanwhile on the national level, the descent of pump prices has slowed, at least momentarily. Faced with a rare November hurricane churning in the gulf, the national average for a gallon of gas only fell by three cents since last week, now at $3.10.
“Temporary freezing or even small increases in gas prices as a hurricane enters the Gulf is nothing new, as weather threatens refining and oil production,” explains Lori Weaver Hawkins, public affairs manager, AAA Blue Grass. “However, once Hurricane Rafael moves through, AAA expects pump prices to regain their downward momentum.”
According to new data from the Energy Information Administration (EIA), gas demand slid from 9.15 million b/d last week to 8.82. Meanwhile, total domestic gasoline stocks rose from 210.9 million barrels to 211.3, while gasoline production increased last week, averaging 9.7 million barrels daily.
The national average for a gallon of gas is $3.10, which is seven cents less than a month ago and 30 cents less than a year ago.
AAA also tracks the average kilowatt-per-hour cost for all levels of public charging by state. Today’s national average for a kilowatt of electricity at a public charging station stayed at 34 cents. At 41 cents for a kilowatt of electricity, Kentucky has the seventh highest cost per kilowatt in the nation.
Kentucky saw its average float up a penny overnight to $2.79 Wednesday, making it a penny higher than a week ago but still 4 cents lower than a month ago and 26 cents less than a year ago. Kentucky now has the 8th lowest cost in the nation for a gallon of regular gasoline.
Although holding steady overnight, Lexington saw its average gas price increase more dramatically than the state’s average, climbing eight cents higher in the past week, now at $2.85. Lexington’s current gas price remains 5 cents higher than a month ago but still 24 cents lower than a year ago.
Around the commonwealth, the highest county-level average gas price can be found in Magoffin County, at $3.01, the only Kentucky county with an average price above $3. The cheapest county-wide average price of gasoline in the commonwealth can again be found in Simpson County at $2.52.
While Kentucky saw its average gas price creep up a penny compared to a week ago, that wasn’t the case with any of the states that border the commonwealth. Checking nearby, the average price for a gallon of regular gasoline today (and the change in the past week) is: Ohio $2.92 (-14 cents), West Virginia $2.99 (-7 cents), Virginia $3.00 (-3 cents), Indiana $2.94 (-13 cents), Tennessee $2.77 (+3 cents), Illinois $3.22 (-9 cents) and Missouri $2.73 (-4 cents). Tennessee and Missouri remain the only states bordering Kentucky with a lower gas price average.
The highest gasoline average price in the country is Hawaii at $4.57, while Oklahoma has the lowest average gas price, now at $2.64.
At the close of Wednesday’s formal trading session, the WTI fell 30 cents to settle at $71.69 a barrel. The EIA reports that crude oil inventories increased by 2.1 million barrels from the previous week. At 427.7 million barrels, U.S. crude oil inventories are about 5% be-low the five-year average for this time of year.
The nation’s top 10 most expensive gasoline markets are Hawaii ($4.57), California ($4.52), Washington ($4.01), Nevada ($3.77), Oregon ($3.60), Alaska ($3.57), Pennsylvania ($3.30), Washington DC ($3.27), Idaho ($3.25), and Utah ($3.24).
The nation’s top 10 least expensive gasoline markets are Oklahoma ($2.64), Texas ($2.68), Mississippi ($2.69), Missouri ($2.73), Arkansas ($2.74), Kansas ($2.76), Tennessee ($2.77), Kentucky ($2.79), Louisiana ($2.79), and Alabama ($2.80).
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (21 cents), Missouri (24 cents), Nebraska (25 cents), North Dakota (27 cents), Texas (28 cents), Utah (29 cents), Vermont (30 cents,) Washington DC (30 cents), and Michigan (30 cents).
The nation’s top 10 most expensive states for public charging per kilowatt hour are Hawaii (56 cents), West Virginia (44 cents), Montana (43 cents), New Hampshire (42 cents), South Carolina (42 cents), Idaho (41 cents), Kentucky (41 cents), Arkansas (41 cents), Alaska (41 cents) and Tennessee (40 cents).
AAA Blue Grass