Home ¬Ľ AAA: Kentucky’s average gas price 15 cents higher in a week

AAA: Kentucky’s average gas price 15 cents higher in a week

Tight supply, more demand cause pump prices to rise

LEXINGTON, Ky. ‚ÄĒ The national average pump price for a gallon of gas maintained its recent surge, rising seven cents over the past week to hit $3.79. The escalation of gas prices was even greater here in Kentucky, as the average price for a gallon of regular gasoline climbed 15 cents to $3.39. Tight supply and increased demand as more drivers fuel up are the main culprits.

“While we can’t say for certain what is sparking increased demand, the ease in gas prices that we saw for much of September may have led to consumers becoming¬†less diligent about following habits that reduced how frequently they had to fill up,” says Lori Weaver Hawkins, public affairs manager, AAA Blue Grass. “The result is an increase in demand, despite the summer travel season being in the rearview mirror.”

Weaver Hawkins says the regional differences in gas prices are stark at the moment, with prices on the West Coast hitting $6 a gallon and higher, while Texas and Gulf Coast states have prices dipping below $3 in some areas. “At least six California refineries are undergoing maintenance, and there is limited pipeline supply to the West Coast from locations east of the Rockies,” she adds.

According to data from the Energy Information Administration (EIA), gas demand increased nationally from 8.32 million barrels a day (b/d) to 8.83 million b/d last week. Total domestic gasoline stocks decreased by 2.4 million barrels to 212.2 million barrels.

“If demand remains robust as supply tightens, drivers should brace for the possibility of rising pump prices at least through the weekend in many areas,” Weaver Hawkins predicts.

Today’s national gas price average of $3.79 is the same as a month ago but 60 cents more than a year ago.

Kentucky’s average for a gallon of unleaded is now $3.39, stable overnight, but 15¬†cents higher on the week and only 5 cents lower compared to a month ago. A year ago, the average gas price in Kentucky was $2.92.

Lexington’s gas price average is now at $3.43, down a penny overnight, but 20 cents higher than¬†a¬†week ago and only 3¬†cents lower on the month. A year ago, the Lexington average was $2.95.

In Northern Kentucky, Covington is at $3.63, up a penny overnight, up 23 cents on the week and 11 cents on the month. A year ago, Covington was at $3.

In Eastern Kentucky, motorists in Morehead are finding the gas price average at $3.57, which is stable overnight, down a penny on the week and 31 cents lower on the month. A year ago, the average price in Morehead was $3. Those in Hazard are seeing the gas price average at $3.54 today, down a penny overnight, stable on the week and 11 cents lower on the month. A year ago, the average in Hazard for a gallon of regular was $3.02.

Pikeville is at $3.44 today, stable overnight, 13 cents higher on the we4k and 24 cents lower on the month. A year ago, the average in Pikeville was $2.81. Ashland is higher at $3.54 today, stable overnight, 3 cents lower on the week and 16 cents on the month. A year ago, the price in Ashland was $3.12.

Around the commonwealth, the highest gas prices remain primarily in the eastern tier of counties, while the lowest prices are primarily found to the west. The highest county-level average gas price today is Grant County at $3.69, followed by Menifee County at $3.68. The cheapest spot for gas in the commonwealth today can be found in Bell County at $2.96, followed by Simpson County at $3.

Checking nearby, the average price for a gallon of regular today (and change compared to last week) in Ohio is at $3.69 (+.11), West Virginia $3.44 (-.03), Virginia $3.31 (-.04), Tennessee $3.18 (+.01), Indiana $3.98 (+.16), Illinois $4.16 (+.19) and Missouri $3.32 (-.04).

Across the nation, the high spot is California at $6.38, followed by Nevada at $5.48, reflective of the refinery issues on the west coast. California is up 59 cents on the week, while Nevada climbed 38 cents on the week. The lowest state averages can be found in Mississippi at $3.05, followed by Louisiana and Texas, both at $3.09.

GAS PRICES FROM AAA
October 3, 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

National

$3.71

No Change

$3.72

$3.79

$3.19

Kentucky

$3.39

No Change

$3.24

$3.44

$2.92

Lexington

$3.43

-0.01

$3.23

$3.46

$2.95

Covington

$3.63

+0.01

$3.40

$3.52

$3.00

Ashland

$3.44

No Change

$3.47

$3.60

$3.12

Hazard $3.54 -0.01 $3.54 $3.65 $3.02

 

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