Kentuckians looking forward to a long-awaited summer road trip may find their budget for gas leaves a little more wiggle room for other vacation expenditures. While gas prices normally climb in the spring due to the switchover to the higher-cost summer blend fuels, soft demand could continue to put downward pressure on oil prices, leading to lower costs at the pump.
In the lull between spring travel and the kick-off to summer, gas demand slid week over week, dropping the national average three cents to land at $3.15. OPEC+ announced Saturday that it will increase output again in June, widening the supply surplus, which could cause crude prices to continue to fall. The national average is nearly 49 cents less than it was one year ago today.
“That means Kentuckians planning a road trip could see lower prices at the pump this summer, if downward pressure on oil prices continues,” explains Lori Weaver Hawkins, public affairs manager, AAA Blue Grass. “That’s good news for those trying to fit some summer road travel into their household budget.”
Today’s gas price average for Kentucky is $2.87, down a penny on the week but up a penny from a month ago. The price is still 46 cents lower than a year ago. Lexington’s average price for a gallon of regular is now at $3.03, the highest average price among all Kentucky metros tracked by AAA. Lexington’s average is still 34 cents less than a week ago.
The national average is at $3.15, nearly 49 cents less than it was one year ago today. Today’s average is three cents lower than a week ago and nine cents lower than a month ago.
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 Pendleton ($3.08), Woodford ($3.07), Magoffin ($3.05), Wolfe ($3.05), Fayette ($3.04), Rockcastle ($3.04), Scott ($3.04), Jefferson ($3.03), Carroll ($3.03) and Bourbon ($3.01).
• Kentucky’s top 10 least expensive gasoline markets by county are Simpson ($2.53), Henderson ($2.58), Marion ($2.63), Warren ($2.63), Logan ($2.65), McCracken ($2.66), Allen ($2.67), Daviess ($2.68), Butler ($2.70) and Taylor ($2.70).
According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 9.09 million b/d last week to 8.71. Total domestic gasoline supply slightly increased from 225.5 million barrels to 225.7. Gasoline production decreased last week, averaging 9.7 million barrels per day.
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI fell $1.02 to settle at $58.07 a barrel. The EIA reports that crude oil inventories decreased by 2 million barrels from the previous week. At 438.4 million barrels, U.S. crude oil inventories are about 7% below the five-year average for this time of year.
Quick stats on gas, electric
Gas
The nation’s top 10 most expensive gasoline markets are California ($4.82), Hawaii ($4.49), Washington ($4.26), Oregon ($3.90), Nevada ($3.89), Alaska ($3.60), Illinois ($3.43), Pennsylvania ($3.30), Idaho ($3.30), and Utah ($3.30).
The nation’s top 10 least expensive gasoline markets are Mississippi ($2.64), Louisiana ($2.70), Oklahoma ($2.73), Arkansas ($2.74), Alabama ($2.75), Tennessee ($2.75), Texas ($2.76), South Carolina ($2.77), Missouri ($2.82), and Kansas ($2.83).
Electric
The nation’s top 10 most expensive states for public charging per kilowatt hour are Hawaii (54 cents), Alaska (47 cents), West Virginia (47 cents), Montana (44 cents), Louisiana (43 cents), Kentucky (42 cents), Tennessee (42 cents), Idaho (42 cents), South Carolina (41 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), Delaware (26 cents), Iowa (27 cents), Nebraska (29 cents), Utah (29 cents), Texas (30 cents), Maryland (30 cents), Vermont (30 cents), and North Carolina (31 cents).
Drivers can find current gas and electric charging prices along their route using the AAA TripTik Travel planner.
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. AAA offers a multitude of AAA road trip planning resources. 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%.
AAA