Home » AAA: Limited crude supply still advancing gas prices in Lexington

AAA: Limited crude supply still advancing gas prices in Lexington

Kentucky up another penny on the week

LEXINGTON, Ky. — Gas prices continue their slow climb, rising 2 cents on the week, with the national average for a gallon of gas hitting $3.42.

Gas prices in Kentucky also continue to trend higher. Monday’s average is $3.12 for a gallon of regular unleaded. That’s up another penny on the week, 4 cents in a month and $1.21 higher than last year on this date.

For consumers, Gas prices last hit this mark in September 2014, when “The Maze Runner” ruled the box office and Taylor Swift’s “Shake It Off” topped the pop charts, but for now, there is no shaking off the pain at the pump because crude oil supplies remain tight.

The latest decision by OPEC and its oil-producing allies to maintain their planned gradual increase in output will not help lessen supply constraints, so any relief will most likely have to come from the demand side, according to AAA Blue Grass.

“Not everybody loves changing their household clocks for the end of Daylight Saving Time, but the shorter days could lead to a change for the better when it comes to gas prices,” says Lori Weaver Hawkins, public and government affairs manager, AAA Blue Grass. “Drivers may head straight home from work to avoid the darkness rather than tack on side trips for shopping or errands.”

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.5 million barrels to 214.2 million barrels last week. However, gasoline demand rose from 9.32 million barrels per day to 9.5 million barrels per day. The slight increase in demand has contributed to price increases, while elevated crude prices continue to put upward market pressure on pump prices.

Today’s national average of $3.42 is 16 cents more than a month ago, $1.31 more than a year ago and 80 cents more than in 2019.

Local gas prices

Gas prices across Central and Eastern Kentucky had their ups and downs over the past week, though several areas saw prices drop slightly.

Motorists can look for the cheapest gas in their area with the free AAA Mobile app, which can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance.

Lexington stayed steady at $3.07 on the week. That’s actually down 7 cents from a month ago, but still $1.16 higher than 2020, when demand was unusually low due to the pandemic.

The counties in Central Kentucky with the lowest gas price averages are Bourbon at $2.98, Boyle $2.99, Garrard $2.99, Jessamine $3.01, Mercer $3.01 and Montgomery $3.02. Averages for other counties in Central Kentucky include Fayette $3.07, Woodford $3.06, Scott $3.09, Clark $3.08, Anderson $3.04 and Franklin $3.10. Madison County has one of the highest gas price averages in Central Kentucky at $3.13, with Powell and Jackson counties both averaging $3.11.

The lowest spot in northern Kentucky is Mason County at $3.02. The cheapest gas in eastern Kentucky is Martin County at $3.09 and Jackson County at $3.09. The high spot to the east is Floyd County at $3.10.

For those traveling to surrounding states, Kentucky’s $3.12 average is 18 cents lower than Ohio’s average of $3.30, 28 cents lower than Indiana’s average of $3.40, and 3 cents lower than Tennessee’s $3.15.

Gas prices at the pump in Kentucky are averaging 22 cents less than West Virginia’s average of $3.34, 18 cents less than Virginia’s $3.30, and 49 cents less than Illinois’s average of $3.61. Kentucky is averaging the same as Missouri’s average of $3.12.

Quick stats

The nation’s top 10 largest weekly increases: Michigan (+16 cents), Ohio (+14 cents), Indiana (+11 cents), Arizona (+7 cents), New Mexico (+5 cents), Illinois (+5 cents), Minnesota (+3 cents), Oklahoma (+3 cents), New Hampshire (+3 cents) and Texas (+2 cents).

The nation’s top 10 most expensive markets: California ($4.62), Hawaii ($4.33), Nevada ($3.95), Washington ($3.87), Oregon ($3.77), Utah ($3.72), Alaska ($3.71), Idaho ($3.69), Washington, D.C. ($3.61) and Illinois ($3.60).

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