After weeks of little movement, the national average for a gallon of gas increased by about 4 cents over the past week, landing at $3.12. While the crude oil remains below $70 a barrel, prices at the pump are taking their expected seasonal ascent as more refineries make the annual switch to summer-blend gasoline.
Summer-blend gas reduces evaporative emissions and smog formation during warm weather months, when gasoline has the tendency to evaporate more easily, leading to more smog. But summer blend fuels are more expensive to produce. That increase in cost is passed along to consumers.
“Kentucky gas prices are still the fourth lowest in the nation, but we are starting to see the seasonal effects of summer blend fuels,” said Lori Weaver Hawkins, public affairs manager, AAA Blue Grass. “Gas prices in the commonwealth are still trending about 8 cents lower than a month ago and 57 cents than when families were getting ready for spring break road trips a year ago.”
Kentucky’s average gas price for a gallon of regular gasoline rose a penny overnight to $2.70, a cent higher than one week ago but 8 cents less than a month ago. One year ago at this time, the average in Kentucky was at $3.27. Lexington’s average gas price held steady overnight, a few cents lower than the statewide average, at $2.63. Lexington’s current gas price average is three cents lower than a week ago, 24 cents lower than a month ago and 61 cents lower than a year ago.
According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 9.18 b/d last week to 8.81. Total domestic gasoline supply decreased from 241.1 million barrels to 240.6. Gasoline production increased last week, averaging 9.6 million barrels per day.
Friday’s national average for a gallon of gas was $3.12, 4 cents lower than a month ago and about 40 cents lower than a year ago.
At the close of Thursday’s formal trading session, oil prices rose $1.16 to settle at $68.07 a barrel. The EIA reports that crude oil inventories increased by 1.7 million barrels from the previous week. At 437.0 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.
The nation’s top 10 most expensive gasoline markets are California ($4.64), Hawaii ($4.53), Washington ($4.09), Nevada ($3.74), Oregon ($3.73), Illinois ($3.41), Alaska ($3.40), Arizona ($3.34), Idaho ($3.26), and Pennsylvania ($3.22).
The nation’s top 10 least expensive gasoline markets are Mississippi ($2.66), Tennessee ($2.69), Oklahoma ($2.69), Kentucky ($2.70), Alabama ($2.74), Louisiana ($2.75), Arkansas ($2.76), Texas ($2.77), South Carolina ($2.78), and Kansas ($2.80).
The nation’s top 10 most expensive states for public charging per kilowatt hour are Hawaii (56 cents), West Virginia (46 cents), Montana (45 cents), South Carolina (42 cents), Tennessee (42 cents), Idaho (42 cents), Arkansas (42 cents), Alaska (41 cents), Kentucky (40 cents) and New Hampshire (40 cents).
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (22 cents), Missouri (25 cents), Nebraska (26 cents), Iowa (26 cents), North Dakota (26 cents), Delaware (27 cents),Michigan (29 cents), Texas (29 cents), and Utah (29 cents).
AAA Blue Grass