LEXINGTON, Ky. — Since Monday, the national average for a gallon of regular gasoline has increased by four cents to $4.16. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.6 million bbl to 230.8 million bbl last week.
Gasoline demand decreased slightly from 8.87 million barrels per day to 8.74 million barrels per day. Although lower gas demand would typically push pump prices lower, the fluctuating oil price and tight gasoline supply have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $100 per barrel.
At the close of Thursday’s formal trading session, WTI had increased just 2 cents to settle at $102.04, but Friday was seeing steeper climbs. While EIA’s weekly report showed that total domestic crude inventories rose by 700,000 bbl to 414.4 million bbl last week, crude prices have increased because the current level is approximately 16 percent lower than at the end of April 2021. As supply remains tight and the market remains highly volatile, crude prices will likely continue to fluctuate, pushing pump prices higher.
Today, the national average for a gallon of regular unleaded sits at $4.16. That’s 2 cents higher than yesterday and 4 cents higher than a week ago, but 8 cents lower than a month ago and $1.27 higher than prices a year ago at this time.
Today’s average in Kentucky sits at $3.82, a penny higher than yesterday and also a penny higher than a week ago. Today’s average is 16 cents less than a month ago, but $1.09 more than last year at this time.
Around the state, Henderson County is the low spot at $3.63, followed by Boyle and Hardin counties at $3.66. Magoffin, Clinton and Elliott counties tie for the highest average at $4, followed by Jefferson and Menifee counties at $3.99.
Checking nearby, the average price for a gallon of unleaded today in Ohio is $3.90, West Virginia $3.94, Virginia $3.99, Tennessee $3.88, Indiana at $4.03, Illinois $4.03 and Missouri at $3.77.
AAA offers the following advice to help drivers save 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 week and more often this time of year, 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%. Surpassing the posted speed limit is not only against the law and increases the risk of crash severity, but also reduces your gas mileage.
- 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. Remember, idling gets you 0 miles to the gallon.
- 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 regularly 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.
Click here for more Kentucky business news.