Today’s average in Kentucky sits at $3.95, 2 cents lower than yesterday and 3 cents less than a week ago. Today’s average in Kentucky is 66 cents more than a month ago and $1.22 more than last year at this time.
Checking nearby, the average gas price for a gallon of unleaded today in Ohio is at $4, West Virginia $4.06, Virginia $4.08, Tennessee $3.99, Indiana $4.13, Illinois $4.46 and Missouri $3.97.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks increased by 800,000 barrels to 238.8 million barrels last week. Gasoline demand decreased from 8.63 million barrels/day to 8.5 million barrels/day. The drop in gas demand, alongside growth in total stocks, contributes to price decreases. If demand continues to decline as gasoline stocks continue to build, the national average will likely continue to move lower.
At the close of Thursday formal trading session, WTI dropped by $7.54 to settle at $100.28. Crude prices climbed midweek after EIA’s weekly report revealed that total domestic crude stocks declined last week by 3.5 million barrels to 409.9 million barrels, approximately 18 percent lower than the level at the end of March 2021.
However, crude prices reversed course Thursday amid news that the U.S. will release 1 million barrels of oil per day from the Strategic Petroleum Reserve. While the pump price impact will be determined by the exact amount of oil purchased in the market and the duration of the daily releases, some reports have noted that releases could last for up to 180 days. If the releases occurred for that long, the market would likely see downward pressure on oil prices. However, the global oil market remains highly volatile, so additional news that threatens supply could put upward pressure on oil prices.
Today, the national average gas price for a gallon of regular unleaded sits at $4.22. That’s steady a penny lower than yesterday and 2 cents lower than a week ago, but still 60 cents higher than a month ago and $1.34 higher than prices a year ago at this time.
AAA offers the following advice to help drivers ease some of the pain they’re feeling at the pump:
- Keep your vehicle in top shape with routine inspections. Make sure your tires are properly inflated. Underinflated tires are a drag on fuel economy. Check tire pressure at least every other w6eek and more often when temperatures are fluctuating.
- Map your route before you go to minimize unnecessary turnarounds and backtracking. Avoid peak traffic times and if possible go to “one-stop shops” where you can do multiple tasks (banking, shopping, etc.).
- Fuel economy peaks at around 50 mph on most cars, then drops off as speeds increase. Reducing highway speeds by 5 to 10 mph can increase fuel economy by as much as 14%.
- A car engine consumes one quarter to one-half gallon of fuel per hour when idling, but a warm engine only takes around 10 seconds worth of fuel to restart. Where safe to do so, shut off your engine if you will be stopped for more than a minute.
- Use “fast pass” or “express” toll lanes to avoid unnecessary stops or slowdowns on the highway.
- Only use premium gas in vehicles that recommend or require it. Paying for premium gas for a vehicle that takes regular is a waste of money and is of no benefit to the vehicle.
- To find the best gas price in your area, use the AAA Mobile App – Android I iPhone.
GAS PRICES FROM AAA – April 1, 2022
Average price per gallon of self-serve, regular gasoline
Gas prices provided by AAA, http://gasprices.aaa.com/
|Today||Change Since Yesterday||Last Week||Last Month||Last Year|
Click here for more Kentucky business news.