After gas prices in the Commonwealth shot upward 13 cents just a couple of weeks ago, pump prices have fallen back down in Kentucky as well as around the nation.
Kentucky’s current gas price is $2.84, down 5 cents from a week ago. Today’s price means Kentucky now has the 7th cheapest gas in the nation. Despite the impact of higher-cost summer blend fuels, sluggish demand and increased supply have helped to bring prices back down at the pump.
After its dramatic 31-cent climb just a few weeks ago, the gas price average for Lexington dropped about 8 cents on the week. Covington, which continues to have the highest gas price averages among larger Kentucky metro areas, saw its gas price average drop 9 cents, landing at $3.04. Covington is the only larger metro area averaging above the $3 mark this week. There are, however, still seven counties averaging above the $3 mark. Gas prices in northern and eastern Kentucky continue to trend higher than the rest of the Commonwealth.
Here’s a look at the highs and lows among gas price averages by county in Kentucky:
Kentucky’s top 10 most expensive gasoline markets by county are Carroll ($3.11), Kenton ($3.10), Boone ($3.07), Campbell ($3.06), Magoffin ($3.03), Pendleton ($3.03), Lewis ($3.01), Jefferson ($2.99), Rockcastle ($2.98), and Owen ($2.98).
Kentucky’s top 10 least expensive gasoline markets by county are Bell ($2.58), Hardin ($2.62), Taylor ($2.63), Carter ($2.64), Logan ($2.65), Simpson ($2.66), Green ($2.67), Barren ($2.67), Metcalfe ($2.67) and Daviess ($2.67).
Oversupply, softer demand send prices downward
Prices at the pump are coming down even though this is the time of year when gas prices go up. Supply and demand are the main reason for the dip. After OPEC+ announced it’s increasing oil production next month by more than 400,000 barrels a day – much more than expected – the price of crude oil has been falling. Oversupply coupled with tepid gasoline demand is resulting in lower pump prices.
The national average of $3.22 for a gallon of regular gasoline is 4 cents lower than one week ago, but 14 cents above the average price a month ago. Today’s national average is still 39 cents lower than a year ago.
According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 8.49 b/d last week to 8.42. Total domestic gasoline supply decreased from 237.6 million barrels to 236.0. Gasoline production decreased last week, averaging 8.9 million barrels per day.
Oil Market Dynamics At the close of Wednesday’s formal trading session, WTI rose $2.77 to settle at $62.35 a barrel. The EIA reports that crude oil inventories increased by 2.6 million barrels from the previous week. At 442.3 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.
Quick Gas and Electricity Stats
Gas
The nation’s top 10 most expensive gasoline markets are California ($4.92), Hawaii ($4.52), Washington ($4.38), Oregon ($4.00), Nevada ($3.97), Alaska ($3.65), Illinois ($3.46), Arizona ($3.39), Pennsylvania ($3.38), and Idaho ($3.35).
The nation’s top 10 least expensive gasoline markets are Mississippi ($2.73), Tennessee ($2.75), Oklahoma ($2.77), Louisiana ($2.81), South Carolina ($2.81), Texas ($2.82), Kentucky ($2.84), Alabama ($2.84), Arkansas ($2.84), and Kansas ($2.87).
Electric
The nation’s top 10 most expensive states for public charging per kilowatt hour are Hawaii (56 cents), West Virginia (47 cents), Montana (45 cents), South Carolina (43 cents), Tennessee (42 cents), Idaho (41 cents), Kentucky (41 cents), Alaska (40 cents), Louisiana (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), Iowa (26 cents), North Dakota (26 cents), Nebraska (27 cents), Delaware (27 cents), South Dakota (28 cents), Utah (29 cents), Texas (29 cents), and Maryland (30 cents).
AAA gas-saving tips
• Get your vehicle checked out. Perform regular car maintenance at the intervals recommended by the vehicle manufacturer in the owner’s manual or as indicated by the in-car maintenance reminder system. If you have an aging battery, be sure to have it tested before heading out on your trip.
• Keep tires properly inflated. Under-inflated tires can decrease your gas mileage by approximately 3%. Not to mention, properly inflated tires are safer and last longer. Check pressure in all four tires every two weeks with an accurate, hand-held air pressure gauge.
• Know your octane. Do not purchase mid-grade or premium gasoline unless your owner’s manual specifically recommends it. According to AAA research, Americans waste more than $2.1 billion annually on premium gas in vehicles designed to run on regular fuel. AAA found no benefit to using premium gas instead of regular-grade fuel. At the time of the study, 70% of U.S. drivers owned a vehicle that required only regular gasoline.
• Avoid idling. Idling gets zero miles per gallon. Letting your vehicle idle for more than 10 seconds uses more gas than shutting it off and restarting. Don’t start your car until you are ready to go. The engine actually warms up more quickly once the car is operating, and will stay warm after stopping. Avoid drive-up windows. Park and go inside instead.
• Observe the speed limit. Gas mileage decreases rapidly at speeds above 60 mph. Each 5 mph you drive over 60 mph is like paying an additional $0.15 per gallon of gas. Using cruise control on the highway helps you maintain a constant speed and, in most cases, will save gas.
• Drive sensibly. Aggressive driving (speeding, rapid acceleration and braking) wastes gas. It can lower your gas mileage by 33 percent at highway speeds and by 5 percent around town.
• Plan your trip. Carefully planning out your road trip can save you time and money. With a little planning, you can avoid retracing your route and reduce the distance you travel as well. You’ll not only save fuel, but also reduce wear and tear on your car.
• Minimize drag. Drag reduces fuel efficiency. Driving with the windows open, using roof- or rear-mounted racks and carrying heavy loads increase vehicle drag. A roof rack or carrier provides additional cargo space and may allow you to meet your needs in a smaller, more fuel-efficient car. However, a loaded roof rack can decrease your fuel economy by 5 percent. Reduce aerodynamic drag and improve your fuel economy by using a removable rack and placing items inside the trunk whenever possible. Avoid carrying unnecessary items, especially heavy ones. An extra 100 pounds in the trunk reduces a typical car’s fuel economy by 1-2%.
American Automobile Association